After massive layoffs at Meta, Mark Zuckerberg's security allowance boosted to $14 million

After massive layoffs at Meta, Mark Zuckerberg's security allowance boosted to $14 million

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."

FPJ Web DeskUpdated: Thursday, February 16, 2023, 09:47 AM IST
article-image
After massive layoffs at Meta, Mark Zuckerberg's security allowance boosted to $14 million |

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.

RECENT STORIES

The Role Of Travel Insurance In International Travel

The Role Of Travel Insurance In International Travel

Revolutionizing AI Security: Mr. Sai Kiran’s Vision With A.I.R.A Intelligence

Revolutionizing AI Security: Mr. Sai Kiran’s Vision With A.I.R.A Intelligence

India Records 0.6% Current Account Surplus In March Quarter On Higher Service Exports, Remittances

India Records 0.6% Current Account Surplus In March Quarter On Higher Service Exports, Remittances

FMCG Major Britannia Industries To Close Its Historic Kolkata Factory; VRS Offer Accepted by...

FMCG Major Britannia Industries To Close Its Historic Kolkata Factory; VRS Offer Accepted by...

Budget FY25: Trade Unions Seek Restoration Of OPS, Increase In Tax Rebate For Salaried Class

Budget FY25: Trade Unions Seek Restoration Of OPS, Increase In Tax Rebate For Salaried Class