Facebook parent Meta is increasing its spending on Mark Zuckerberg’s personal safety by $4 million this year – even as it touts a “year of efficiency” at the company following major layoffs.
Meta increased its pre-tax spending on Zuckerberg’s safety to $14 million in 2023, up from $10 million in recent years.
Zuckerberg is allowed to use the money to pay for “additional personnel, equipment, services, housing improvements” and other security-related needs.
The company’s filing states that the increase in security spending is justified given Zuckerberg’s “position and importance to Meta” and the fact that he “has requested only a $1 annual salary and no bonus payments, stock awards or anything else.” receives incentive payments. ”
Zuckerberg has a net worth of $62.3 billion, ranking 16th on the Forbes list of the richest people in the world.
The security upgrade was unveiled just days after Zuckerberg touted further spending cuts at Meta during a company-wide “year of efficiency.” In November, Meta cut more than 11,000 jobs, or about 13% of its workforce, as Zuckerberg lamented overly aggressive staffing and tough economic conditions.
The $14 million is just part of Meta’s spending protecting her boss. The company invests millions of dollars more each year to keep Zuckerberg’s homes safe and to cover the cost of his personal air travel.
Last year, Meta spent a total of nearly $27 million keeping Zuckerberg, his wife Priscilla Chan, and their children safe. This total included the pre-tax deduction of $10 million.
A full settlement of Meta’s security costs is expected in April.
“We believe that Mr. Zuckerberg’s role puts him in a unique position: he is synonymous with Meta and as a result, negative sentiments regarding our company are directly associated with, and often projected onto, Mr. Zuckerberg,” Meta said in a Submission last year.
As part of cost-cutting efforts, Zuckerberg has pushed for a “flattening” of Meta’s corporate structure, giving middle managers an ultimatum to either transition to “individual contributor” roles, where they are no longer responsible for overseeing other employees, or that leave the company completely.
The “flattening” campaign is likely to lead to more company exits in the coming weeks, Bloomberg reported, citing sources familiar with the matter.
Zuckerberg addressed the plan during Meta’s second-quarter earnings call.
“We’re working on flattening our organizational structure and removing some levels of middle management to make faster decisions, as well as using AI tools to help our engineers be more productive,” Zuckerberg said.
https://nypost.com/2023/02/16/meta-boosts-zuckerberg-security-spending-by-4m/ Meta increases Zuckerberg’s security spending by $4 million