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Meta rose 1% in premarket trading as Facebook changed its name to Meta.Facebook announced recently it would be getting a new name to better coincide with the company’s vision of betting big on the metaverse. On Thursday, the company shared its new name and announced plans to change its stock symbol.

“Connection is evolving and so are we,” the company says on its new website. “The metaverse is the next evolution of social connection. Our company’s vision is to help bring the metaverse to life, so we are changing our name to reflect our commitment to this future.”

CEO Mark Zuckerberg announced the name change at the Facebook Connect event.

“To reflect who we are and what we hope to build, I am proud to announce that starting today, our company is now Meta,” Zuckerberg said. “From now on, we’re going to be metaverse-first, not Facebook-first.”