Facebook is rebranding and may change their name to distance themselves from multiple scandals they are currently facing. The social media company is likely to keep their moniker but Facebook Inc., the parent company which also owns WhatsApp and Instagram may rebrand.
Facebook CEO, Mark Zuckerberg will reveal the new name of the parent company during its annual Connect Conference on October 28 according to the report from Verge.
The rebranding is expected to position Facebook app as well as many other products under the parent company due to multiple scandals. This will oversee products such as Oculus, Instagram and WhatsApp.
The social media company also hopes to distance the flagship brand from future bad publicity due to multiple scandals. Recently, a whistleblower by the name Frances Haugen testified and damaged the reputation of Facebook.
The rebranding is also expected to benefit the company’s reputation which has been affected in numerous occasions in recent years. Facebook is accused of facilitating spread of misinformation more especially during the 2016 presidential elections. This led to hearings by congress and changes in policy such as the introduction of the concept of third-party fact-checkers and demanded for transparency in political advertising.
The Federal Trade Commission fined Facebook $5 billion in 2019. This was because the social media company allowed access to 87 million profiles of US citizens to be used for political advertising by Cambridge Analytica, a British company.
Recently, a former employee of Facebook by the name Frances Haugen, release documents to Wall Street Journal which proved that Facebook advanced divisiveness as a way to maintain people on the website. The documents also proved that the social media company was aware that Instagram harmed young girls image.
Frances is said to have anonymously filed 8 complaints about Facebook with the United States of America Exchange Commission. She said that: ‘Facebook, over and over again, has shown it chooses profit over safety.’
That assisted the Facebook management to sell more online ads which has contributed to the value of the company reaching $1 trillion. Face book is one of the few companies including Amazon whose values has surpassed the $1 trillion mark.
‘You are forcing us to take positions that we don’t like, that we know are bad for society. We know if we don’t take those positions, we won’t win in the marketplace of social media,’ Frances said.
Frances Haugen also blamed Facebook for encouraging the January 6 Capitol riot.
Frances Haugen, spent two years working at Facebook. Previously, she worked at Google, Yelp and Pinterest. She testified at the Congress on October 5, 2021.
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