Facebook Inc is trading up 1.39% at 339.99
Facebook Inc, under fire from regulators and lawmakers over its business practices, is planning to rebrand itself with a new name that focuses on the metaverse, the Verge reported on Tuesday.
The name change will be announced next week, The Verge reported, citing a source with direct knowledge of the matter.
The move would likely position the flagship app as one of many products under a parent company overseeing brands such as Instagram and WhatsApp, according to the report. Google adopted such a structure when it reorganized into a holding company called Alphabet (NASDAQ:GOOGL) in 2015.
Facebook (NASDAQ:FB) said it does not comment on “rumour or speculation.”
Facebook Chief Executive Mark Zuckerberg has been talking up the metaverse, a digital world where people can move between different devices and communicate in a virtual environment, since July and the company has invested heavily in virtual reality and augmented reality, developing hardware such as its Oculus VR headsets and working on AR glasses and wristband technologies.
Zuckerberg plans to talk about the name change at the company’s annual Connect conference on Oct. 28, but it could be unveiled sooner, the Verge said.
On technical fronts Facebook Inc RSI stood at 48.90 and currently stock is trading above all MA. So, BUY position can be taken with following target and stoploss:
TRADE SIGNAL – : Facebook Inc – BUY : 339.99, TARGET: 345.06, STOP LOSS : 335.96