Asian Tech Press (Oct 21) -- U.S. social media giant Facebook Inc (FB:NASDAQ GS) is reportedly planning to change its company name next week.

Citing a source with direct knowledge of the matter, leading tech media outlet The Verge said Facebook's name change is to reflect the company's focus on building the metaverse.

The report said Facebook CEO Mark Zuckerberg plans to talk about the name change at the company's annual Connect conference on Oct. 28, but may announce the name change sooner.

The social giant announced on Sunday it would create 10,000 jobs in the European Union over the next five years to help build its vision of the metaverse.