Yesterday Facebook ($FB@US) announced it has changed its company name to Meta. The name change was revealed at the Facebook Connect augmented and virtual reality conference and the new name reflects the company’s growing ambitions beyond social media. The name Meta is based on the sci-fi term metaverse, and it reflects the company’s vision for working and playing in a virtual world. The company also said it will change its stock ticker from FB to MVRS effective December 1. Meta’s stock price closed up on Thursday. In July, the company announced the formation of a team that would work on the metaverse. Two months later, the company said it will elevate Andrew “Boz” Bosworth to the role of chief technology officer in 2022. It will also break out Reality Labs, its hardware division, into its own reporting segment starting in the fourth quarter. Over the past few years, the company has ramped up its efforts in hardware, including a line of Portal video-calling devices, the Ray-Ban Stories glasses and various versions of the Oculus virtual-reality headsets. The company has indicated that augmented and virtual reality will be a key part of its strategy in the coming years.