Facebook is reportedly planning to rebrand itself with a new name focused on its planned metaverse. The plan comes as the tech giant comes under fire from regulators around the world over its business practices.

Sources familiar with the matter said the company plans to announce the new name next week. Facebook is reportedly aiming to rebrand itself as a company that is more than just its social media platform.

In response to an inquiry about the prospective name change, a Facebook representative stated that they do not comment on rumors.

Facebook owns Instagram and WhatsApp in addition to its main social media platform. A name change may bring the three major platforms together under one umbrella brand, akin to Google’s parent firm Alphabet’s structure.

The name change might be a reflection of Facebook’s new direction and its plan to establish its own virtual universe. The company’s planned metaverse is essentially an online environment that combines virtual and augmented reality technology.

Facebook plans to build a virtual environment where people may walk around and communicate with one another in real-time using digital avatars. In principle, users might meet up with faraway coworkers at a virtual meeting table, then go over to a virtual Starbucks to meet up with a buddy.

Facebook said this week that it will recruit 10,000 workers in Europe to help build the metaverse.

A rebranding may be part of a larger effort to repair Facebook’s image following a barrage of bad press connected to disinformation on its platforms, content moderation failures, and disclosures about its products’ detrimental impact on the mental health of its younger users.

There have been a number of large corporations that have altered their well-known brands. Kentucky Fried Chicken was renamed KFC, Datsun was renamed Nissan, and the World Wrestling Federation was renamed World Wrestling Entertainment. In 2016, the social media platform Snapchat changed its name to Snap to reflect its move into hardware.

Several high-profile name changes have occurred as a result of scandal or controversy. Philip Morris, the manufacturer of Marlboro cigarettes, changed its name to Altria, and ValuJet became AirTran after one of its flights crashed in 1996.