Meta hikes Mark Zuckerberg’s security allowances to $14 million amid massive layoffs

Technology conglomerate Meta has increased the annual allowance that it provides to its CEO Mark Zuckerberg for personal security expenses. This comes at a time when the firm reportedly plans to cut out a sizeable portion of its workforce and touts 2023 as the "year of efficiency." According to a disclosure by the US Securities and Exchange Commission, Zuckerberg will be annually receiving $14 million to spend on security, a hike of 40% from the previous allowance of $10 million. 

The pay rise was approved by Meta's board of directors last week who agreed that it was essential, given the CEO's "position and importance to Meta" and his annual salary of $1. The last time Zuckerberg got an increase for the same was in 2018, according to Business Insider. 

While the annual allowance may seem enough, it does not stop the billionaire from splurging on his security detail, much more than his fellow elite such as Elon Musk, Jeff Bezos, and Marc Benioff. In 2021, he spent $25 million on security, an increase of $2 million from the year before. Usually, CEOs of large companies travel with a team of security personnel to circumvent paparazzi and admirers who can approach them and their families aggressively in public.

Meta touts 2023 as 'year of efficiency', carries out mass layoffs

While Zuckerberg might be officially receiving only a dollar per year, he possesses a net worth of about $64 billion. This is because his total costs are also covered by Meta in the form of "other compensation," as per financial disclosures. The increase in Zuckerberg's security allowance comes as Meta aims to make 2023 the "year of efficiency" by streamlining its projects and making large-scale job cuts.

"Our management theme for 2023 is the ‘Year of Efficiency’ and we’re focused on becoming a stronger and more nimble organization,” Zuckerberg said. According to the Financial Times, Meta has left several of its workers “demoralised” due to disruptions and delays in regular functioning due to the senior management in recent weeks. “Honestly, it’s still a mess. The year of efficiency is kicking off with a bunch of people getting paid to do nothing," one employee told the outlet. Other workers told FT that "zero work" is being done, with crucial decisions taking days to reach a conclusion.