The security allowance awarded to Chief Executive and Co-Founder Mark Zuckerberg and his family had been boosted by $4 million to $14 million, according to Meta Platforms Inc. on Wednesday.
"This increased allowance, together with the costs of Zuckerberg's existing overall security program, are appropriate and necessary under the circumstances," Meta said in a filing.
Decision comes after multiple job cuts announced by Facebook and Instagram
The decision was made at a time when Mark Zuckerberg, the owner of Facebook and Instagram, has cut thousands of jobs and scaled back spending plans for what he has dubbed the "Year of Efficiency."
Mark is 16th richest person on Forbes billionaires list
The 38-year-old received roughly $27 million in remuneration in 2021. He is the 16th richest person on the Forbes billionaires list. Meta has not yet revealed his compensation from the previous year.
Last week, The Financial Times reported that Meta had put off finalising the budgets for several teams because it was getting ready to make more job layoffs.
