Facebook on Thursday announced that it has changed its company name to Meta. The name change, which was announced at the Facebook Connect augmented and virtual reality conference, reflects the company’s growing ambitions beyond social media with the metaverse, a classic sci-fi term Facebook has adopted to describe its vision for working and playing in a virtual world. Facebook CEO Mark Zuckerberg said his company is rebranding itself as Meta in an effort to encompass its virtual-reality vision for the future.

Zuckerberg says he expects the metaverse to reach a billion people within the next decade. The metaverse, he says, will be a place people will be able to interact, work and create products and content in what he hopes will be a new ecosystem that creates “millions” of jobs for creators. In explaining the rebrand, Zuckerberg said the name “Facebook” just doesn’t encompass “everything we do” any more. In addition to its primary social network, that now includes Instagram, Messenger, its Quest VR headset, its Horizon VR platform and more.

Facebook, now known as Meta, will also change its stock ticker from FB to MVRS, effective Dec. 1, the company said in the announcement of its name change.

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