“We’re not trying to run away from anything. This isn’t that kind of a rebrand,” Schultz told Forbes.

On October 28, Mark Zuckerberg said Facebook, the parent company, not the app itself, would be renamed Meta. The move comes amid the fallout from a whistleblower sharing the firm’s negative impact on the mental health of teens.

“We’re super proud of what we’ve done with social, and it’s critical to our next phase as well, Schultz told Forbes. “So we don’t want to run away from anything, and three years ago we didn’t have something clear to run toward.”

Facebook recently said that over the next five years it would invest $50 million and hire 10,000 employees in Europe. They will work on “technologies such as VR headsets, neural wristbands and the recently announced augmented reality glasses made with Ray-Ban,” according to the article.

Read the full article from Forbes.