Social media giant Facebook is reportedly planning to rebrand the company with a new name that focuses on the metaverse. According to a source with direct knowledge of the matter, Chief Executive Officer Mark Zuckerberg is expected to announce the name at the company's Connect conference on October 28, reports The Verge.

As per report, the rebrand would likely position the Facebook app as one of the many products under a parent company overseeing groups like Instagram, WhatsApp, Oculus, and more. Facebook first announced its plans to build out the metaverse -- a term used to describe virtual, interactive spaces in the digital world -- last month.