News > Facebook declined to spin-off workplace app as $1-billion unicorn

Facebook declined to spin-off workplace app as $1-billion unicorn

Before it was rebranded as Meta, Facebook was approached by venture capitalists to spin off its workplace app and make it a new company valued at over $1 billion.

However, Facebook declined the deal. Workplace, Facebook’s collaboration tool for businesses, has gained more than seven million paid enterprise users. It was originally built as a version of Facebook for its employees to communicate with one another.