To avoid different issues from the international regulators, Facebook has decided to reemerge with a new name, 24News HD TV Channel reported Wednesday.

According to the details, Facebook founder Mark Zuckerberg has already expressed the idea several times in the last few months that now his company has to move beyond social media and work on a new identity for itself.

As per the report, Mark Zuckerberg wanted to give Facebook a new identity as a ‘metaverse’ company that referred to efforts to combine the virtual and augmented reality technologies in a new online realm.

The idea is to create a space similar to the internet, where users (via digital avatars) can walk around and interact with one another in real-time. In theory, users could sit around a virtual meeting table with remote colleagues, and then walk over to a virtual Starbucks to meet up with a friend.

Mark Zuckerberg will announce the name change on October 28 at the company's annual "Connect" event.