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Facebook explained: 'You'll be able to hang out with friends, work, play, learn, shop, create and more. While Facebook is leading the charge with the metaverse, it explained that it isn't a single product one company can build alone. Many of these products will only be fully realized in the next years. The rebrand would see the creation of a parent company, overseeing Facebook, WhatsApp, Instagram and others, similar to the moves Google took in launching Alphabet to oversee its brands, including YouTube and Nest.

The firm's original, flagship social media site and app - Facebook - is expected to keep its moniker, but Facebook Inc. Users took to social media to poke fun at the tech giant, which has faced a string of scandals in recent months and has seen its reputation severely bruised.

One commentator called the plan 'the old rebrand trick', in reference to other companies that have changed their names to avoid scrutiny, while others suggested new names for the company, with 'Fakebook' and 'Wokebook' being popular choices.

Facebook already has a substantial share of the social media and virtual reality market, through Instagram, WhatsApp and the Oculus VR headsets. Creating a new name for the parent company could shield future products, such as the metaverse, from scandals linked to the brand Facebook.

Recently the company has made moves into the corporate market, through Facebook Workplace and a more business orientated version of the its Portal device. In the Zuckerberg-inspired future, someone could put on a virtual reality headset and meet with a friend or colleague who is working in another part of the planet.

The idea is it would allow people to feel as if they're face-to-face despite being thousands of miles apart. Building this sort of virtual world isn't a small task, even if it builds on existing technology and brand recognition. The tech giant said the new roles will include 'highly specialised engineers' but did not reveal any more detail about its plans for the new metaverse team.

Dorsey isn't the first to criticise Zuckerberg for his vision of a metaverse. Ben Sizer, a software engineer from Nottingham, tweeted earlier this week: 'Facebook is a company that has roughly 15, moderators who are mostly underpaid outsourcers. It's all about their priorities, not their capabilities. Facebook's Horizon allows users to host boardroom-style get-togethers with cartoon avatars of their colleagues pictured and is part of CEO Mark Zuckerberg's ambition to turn Facebook into a futuristic 'metaverse'.

Zuckerberg had enough of running a company. He wants to run a country'. Another Twitter user wrote: 'Facebook seems to find the money and time for their 'metaverse' project but when it comes to tackling hate speech and misinformation on their platform, they really couldn't be bothered.

Cybersecurity expert Jake Moore told MailOnline: 'Facebook's business model is seemingly far from the social media platform it once was with its core function focusing on making money rather than connecting people.

He added that there is 'no doubt the metaverse will make serious amounts of money', but that the current Facebook platform 'clearly needs attention' to tackle the ease with which online abuse and misinformation can spread. In his novel 'Snow Crash,' Stephenson described a virtual world owned by corporations, in which 'end users were treated as citizens in a dystopian corporate dictatorship,' according to the post by udiverse21 that Dorsey shared.

Facebook has announced plans to hire 10, people in the European Union to develop a so-called metaverse, a virtual reality version of the internet where people can game, work and communicate. Pictured is the company's virtual reality app Horizon Workrooms. Britain's Competition and Markets Authority CMA launched a probe into the acquisition in June last year, shortly after the deal was announced, over concerns about a 'substantial lessening of competition'.

Facebook has also admitted users can share information about how to enter countries illegally and about people smuggled on social media platforms. The admission comes as Arizona Attorney General Mark Brnovich urged the Department of Justice to investigate the firm over its 'facilitation' of illegal migration.

It was accused of facilitating the spread of misinformation during the US presidential election, prompting a a series of congressional hearings and policy changes. Some of the advertising was used to help the campaign of former president Donald Trump.

Most recently, former Facebook employee Frances Haugen released a trove of documents dubbed the 'Facebook Files'. The internal research suggests that Facebook promoted divisiveness as a way to keep people on the site, with Haugen saying the documents showed the company had failed to protect young users. It also showed that the company knew Instagram harmed young girls' body image and even tried to brainstorm ways to appeal to toddlers by 'exploring playdates as a growth lever.

Zuckerberg has predicted that Facebook will transition from 'primarily being a social media company to being a metaverse company' over the next five years. The move towards a metaverse could be eased without the name Facebook attached, as the firm has attracted an increasing number of scandals. Facebook has also admitted that users can share information about how to enter countries illegally and about people smuggled on its social media platforms. It was accused of facilitating the spread of misinformation during the US presidential election, prompting a a series of congressional hearings and policy changes, including the introduction of third-party fact-checkers and further transparency in political advertising.

The firm's original, flagship social media site and app - Facebook pictured, stock image - is expected to keep its moniker, but Facebook Inc. Congressional action is needed,' Haugen said at a hearing. Haugen told senators that no similar company's CEO has as much unilateral control as Zuckerberg does.

Haugen said the Menlo Park, California-based company 'over and over again has shown it chooses profits over safety'. Pictured: Facebook's headquarters in California. This lack of accountability could set the firm back when it comes to regulatory oversight, and government intervention in moves to create a metaverse.

However, Facebook isn't the only firm getting into, or even already in this sector. The popular children's game Roblox describes itself as a metaverse company. Epic Games' Fortnite is also considered to be part of the metaverse. The metaverse is 'going to be a big focus, and I think that this is just going to be a big part of the next chapter for the way that the internet evolves after the mobile internet,' Zuckerberg told The Verge earlier this year.

Virtual reality is a computer-generated simulation of an environment or situation. It immerses the user by making them feel like they are in the simulated reality through images and sounds. For example, in VR, you could feel like you're climbing a mountain while you're at home.

In contrast, augmented reality layers computer-generated images on top of an existing reality. AR is developed into apps to bring digital components into the real world.

For example, in the Pokemon Go app, the characters seem to appear in real world scenarios. The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. Pictured: IT teacher, 36, and his garden centre worker wife, 33, who were killed at home 'in front of their children' amid claims they were embroiled in a long-running dispute with neighbours over parking - as police quiz two men, 34 and 67, over murder.

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