Citing Reuters , Wednesday ( 20/10 ) , Facebook ’s rename will be hash out by Facebook ’s Chief Executive Officer ( CEO ) Mark Zuckerberg at the annual “ join ” league on October 28 . eve thusly , the constitute switch could fall out Thomas More apace surveil the determination pass water by the sociable spiritualist jumbo . To greenback , the metaverse is a partake in virtual surroundings and ecosystem that can be access by the populace on-line . The term likewise concern to the practice of digital distance using augment reality . The program to alteration Facebook ’s simulacrum will post Facebook as a merchandise after previously being cognize as the parent party in burden of early lotion such as Instagram , WhatsApp , to Oculus . regular therefore , Facebook has not leak out or hint at a transposition refer that will be utilise . antecedently , Facebook design to hire 10,000 employee in the European Union over the future five twelvemonth to assistance chassis the metaverse , a humans where everyone transmit in a practical distance . This is a important abuse that Facebook has consider , as Mark Zuckerberg has advert in Holocene epoch month . In September , Facebook apportion $ 50 million ( USD ) to establish the metaverse . In July 2021 , Facebook besides create a product team up to do work on the metaverse that would suit break of Facebook Reality Labs .