Facebook CEO Mark Zuckerberg said his company is rebranding itself as Meta in an effort to encompass its virtual-reality vision for the future, what Zuckerberg calls the 鈥渕etaverse.鈥�

Skeptics point out that it also appears to be an attempt to change the subject from the Facebook Papers, a leaked document trove that has revealed the ways Facebook ignored internal reports and warnings of the harms its social network created or magnified across the world.

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 鈥渕illions鈥� of jobs for creators.

The announcement comes amid an existential crisis for Facebook. It faces legislative and regulatory scrutiny in many parts of the world following revelations in the Facebook Papers.

In explaining the rebrand, Zuckerberg said the name 鈥淔acebook鈥� just doesn鈥檛 encompass 鈥渆verything we do鈥� any more. In addition to its primary social network, that now includes Instagram, Messenger, its Quest VR headset, its Horizon VR platform and more.

鈥淭oday we are seen as a social media company,鈥� Zuckerberg said. 鈥淏ut in our DNA we are a company that builds technology to connect people.鈥�

Metaverse, he said, is the new way. Zuckerberg, who is a fan of classics, explained that the word 鈥渕eta鈥� comes from the Greek word 鈥渂eyond.鈥�

鈥擝arbara Ortutay, The Associated Press