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Good morning. A Facebook re-brand, a luxury let-down and upcoming Tesla earnings. Here’s what’s moving markets.
Facebook Inc., facing intense scrutiny over its business practices, is planning to rebrand the company with a new name that focuses on the metaverse, according to The Verge. The original Facebook app and service may remain unchanged in their branding, positioned under a parent company that counts other billion-user brands like Instagram and WhatsApp in its portfolio. Google already operates a similar structure with its Alphabet Inc. parent.