Social media giant Facebook Inc is reportedly planning to rebrand itself with a new name next week, Reuters reported on Wednesday, citing the Verge.

Facebook Chief Executive Officer Mark Zuckerberg plans to talk about the name change at the company’s annual Connect conference on October 28, but it could be unveiled sooner, the Verge reported.

In response, Reuters also reported that Facebook said it does not comment on “rumour or speculation.”

Also read: 10,000 workers to be hired by Facebook in Europe to build ‘metaverse’

The news comes at a time when the company is facing increasing US government scrutiny over its business practices. Lawmakers from both parties have excoriated the company, illustrating the rising anger in Congress with Facebook.

The name change would position Facebook’s social media app as one of many products under a parent company, which will also oversee groups like Instagram, WhatsApp, Oculus and more, the Verge report added.

Google established Alphabet Inc as a holding company in 2015 to expand beyond its search and advertising businesses, to oversee various other ventures ranging from its autonomous vehicle unit and health technology to providing internet services in remote areas.

Also read: Metaverse, the ‘future of internet’ draws in Big Tech

The move to rebrand will also reflect Facebook’s focus on building the so-called metaverse, an online world where people can use different devices to move and communicate in a virtual environment, according to the report.

According to reports, Facebook has invested heavily in virtual reality (VR) and augmented reality (AR) and intends to connect its nearly three billion users through several devices and apps.

On Tuesday, the company also announced plans to create 10,000 jobs in the European Union over the next five years to help build the metaverse.

Zuckerberg has been talking up metaverse since July and the buzzy word, first coined in a dystopian novel three decades earlier, has been referenced by other tech firms such as Microsoft.