Meta’s CEO is getting a massive increase to his yearly allowance for the sake of his personal security.
The new figures jumped from $10 million to $14 million a year as per a new disclosure (though Form 8-K) made by the Securities & Exchange Commission. They claim it’s a sizeable 40% rise that received approval in the previous week by the firm’s own board of directors which used to be called Facebook in the past.
But at the same time, let’s not forget how the news comes during a period when the tech giant has called for more efficiency in the firm. Now, seeing such a hike occur is shocking to many as the last time we heard of such a change was way back in 2018.
The board felt it was necessary to go for the hike in 2023 as it really valued the CEO’s significance and great position in the firm’s leading role. But when you do come to think of it, the fact that he attains just $1 for his yearly salary does make him liable for such a rise.
Today, the head of Meta’s net worth is calculated to be $64 billion. And despite this massive rise for his own personal security, we’re bound to see the CEO spend a lot more than just that. As a whole, Zuckerberg’s costs linked to security expenses go above and beyond $23 million. And that figure is from 2020 which saw a rise in the following years to $25 million in 2021. The latter is the closest that it has come to making a disclosure.
It is also mentioned how the difference seen in the approved allowance for security and that linked to overall cost is also funded by Meta as per this financial disclosure. And it is given the term ‘other compensation’.
Whatever the case may be, Meta has called out 2023 as the year for great efficiency and we’re not quite sure if this is the right way to begin. The company is working hard toward aligning its projects and bettering the structure of its organization. But at the same time, the firm is gearing up for another round of terminating employees as mentioned by leading media outlet Insider.
Time has proven how so many leading members of the world’s biggest giants end up traveling with their loved ones abroad with their security by their side. They are constantly under threat and are being followed by both the press as well as overzealous fans.
Common examples include Jeff Bezos, Larry Ellison, Musk, and Marc Benioff too. The costs round up to millions of dollars but it wouldn’t be wrong to say that the greatest amount of money spent on the likes of personal security goes to Mark Zuckerberg himself.
And with the current economic situation, it’s quite interesting to see the board take a decision of considering a $4 million rise in this regard. Do you agree?
Photo: FB
Read next: Twitter Will Likely Get A New CEO By This Year’s End, Elon Musk Confirms
The new figures jumped from $10 million to $14 million a year as per a new disclosure (though Form 8-K) made by the Securities & Exchange Commission. They claim it’s a sizeable 40% rise that received approval in the previous week by the firm’s own board of directors which used to be called Facebook in the past.
But at the same time, let’s not forget how the news comes during a period when the tech giant has called for more efficiency in the firm. Now, seeing such a hike occur is shocking to many as the last time we heard of such a change was way back in 2018.
The board felt it was necessary to go for the hike in 2023 as it really valued the CEO’s significance and great position in the firm’s leading role. But when you do come to think of it, the fact that he attains just $1 for his yearly salary does make him liable for such a rise.
Today, the head of Meta’s net worth is calculated to be $64 billion. And despite this massive rise for his own personal security, we’re bound to see the CEO spend a lot more than just that. As a whole, Zuckerberg’s costs linked to security expenses go above and beyond $23 million. And that figure is from 2020 which saw a rise in the following years to $25 million in 2021. The latter is the closest that it has come to making a disclosure.
It is also mentioned how the difference seen in the approved allowance for security and that linked to overall cost is also funded by Meta as per this financial disclosure. And it is given the term ‘other compensation’.
Whatever the case may be, Meta has called out 2023 as the year for great efficiency and we’re not quite sure if this is the right way to begin. The company is working hard toward aligning its projects and bettering the structure of its organization. But at the same time, the firm is gearing up for another round of terminating employees as mentioned by leading media outlet Insider.
Time has proven how so many leading members of the world’s biggest giants end up traveling with their loved ones abroad with their security by their side. They are constantly under threat and are being followed by both the press as well as overzealous fans.
Common examples include Jeff Bezos, Larry Ellison, Musk, and Marc Benioff too. The costs round up to millions of dollars but it wouldn’t be wrong to say that the greatest amount of money spent on the likes of personal security goes to Mark Zuckerberg himself.
And with the current economic situation, it’s quite interesting to see the board take a decision of considering a $4 million rise in this regard. Do you agree?
Read next: Twitter Will Likely Get A New CEO By This Year’s End, Elon Musk Confirms
