Facebook reportedly planned a name change as part of CEO Mark Zuckerberg’s goal of creating a VR-based metaverse, an initiative set to create 10,000 jobs in Europe.

The Verge reported the social media giant will announce a new corporate name at its Connect 2021 conference on 28 October or sooner. The Facebook app and website are expected to remain in place, with a newly-named corporate parent housing the main service, WhatsApp, Instagram and its other brands.

Facebook’s renaming was tipped by The Verge to reflect a goal of building a so-called metaverse, described by the social media company in a recent blog as “a new phase of interconnected virtual experiences” powered by AR and VR.

The company already revealed plans to hire 10,000 staff in Europe to boost the effort.

Facebook faces something of an onslaught of regulatory attention, with the UK Competition and Markets Authority this week fining it £50 million ($69 million) relating to failings over the information provided during an acquisition of Giphy.

This added to a $14.2 million settlement Facebook agreed with the US government relating to claims of employee discrimination.