Facebook Inc is planning to rebrand itself with a new name next week, the Verge reported.
CEO Mark Zuckerberg plans to talk about the name change at the annual Connect conference on October 28.
According to the report, the name could be unveiled sooner.
Facebook is already facing increasing US government scrutiny over its business practices.
After the rebranding, Facebook‘s social media app will be one of many products under a parent company.
It will also oversee groups like Instagram, WhatsApp, Oculus and more.
It’s not uncommon in Silicon Valley for companies to change their names as they bid to expand their services.
The company has invested heavily in VR and AR and intends to connect its nearly three billion users through several devices and apps.
