Mark Zuckerberg-led Meta has reportedly given its top executive a mammoth 200 per cent bonus to the company's top executives. This development comes right at the back of the massive layoff, that saw 3,600 being laid off.
Meta's Massive Bonus
The company shared this news in an exchange filing. This 200 per cent bonus over basic salary is higher than the previous bonus rate of 75 per cent.
At the beginning of the year, Zuckerberg said that he would take a different approach to his employees and gauge them based on their merit, and thereby remove those, who are underperforming.
The decision taken by Meta’s Compensation, Nominating, and Governance Committee (CNGC) comes at a time when the company has looked to gain investor confidence by doubling down on the company's AI prospects.
At the beginning of the year, Zuckerberg said that he would take a different approach to his employees and gauge them based on their merit, and thereby remove those, who are underperforming. | Photo: Twitter
Business, Not As Usual
AI has been at the centre of the gold rush that has seen major American corporations take on each other in a fight to surge ahead of the other company.
Its previous attempts to capitalise on the Metaverse, which was Zuckerberg's brainchild and obsession, failed to fetch the desired, ground braking results, that its main business has attained for the company.
The company has actively looked to diversify away from its core social media and advertising-driven business. Despite this, the company continues to remain one of the largest social media conglomerate in the world, with Facebook, WhatsApp, Instagram, and even Threads under its belt.
As for the massive hike, the company claimed that this measure is being carried out to meet industry standards.
Meta Shares
When we look at Meta shares, the company shares had a lacklustre week, last week. On Friday, February 21, the company shares dropped in value by 1.62 per cent or USD 11.29.
In the past 5 trading sessions or week, the company shares have seen a cumulative loss of 5.87 per cent or USD 42.59. This took the overall of the company shares to USD 683.55 per piece.
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