Meta Gives Mark Zuckerberg an Extra $4 Million for Personal Security
Mark Zuckerberg has called 2023 Meta's "Year of Efficiency," but the allowance he receives for personal security from the company is set to rise by $4 million.
In a regulatory filing(Opens in a new window), Meta explains that Mark Zuckerberg is entitled to a personal security allowance "to address safety concerns due to specific threats to his safety arising directly as a result of his position as Meta’s founder, Chairman, and CEO." Since 2018, that allowance has been set at $10 million per year, but it's being increased to $14 million this year.
The money is used to pay for "additional personnel, equipment, services, residential improvements, or other security-related costs" to help keep Zuckerberg and his family safe. The filing also points out Zuckerberg only gets a $1 salary, no bonus payments, equity awards, or other incentive compensation.
As Business Standard(Opens in a new window) points out, though, this isn't the total Meta will spend on their CEO's security. There are also security-related expenses, which last year saw Meta spend an additional $16.8 million on top of his $10 million allowance, taking the total to $26.8 million.
The increase in security allowance follows Meta deciding to lay off more than 11,000 people. Zuckerberg wrote a letter to employees explaining how he is taking responsibility for over investing in digital shopping and subsequently leaving the company overstaffed and inefficient. There's sure to be at least a few angry former Meta employees out there, and the rumors are swirling that Meta isn't done firing people(Opens in a new window) just yet.
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