Facebook owner Meta increases Zuckerberg's security allowance by $4 mn
Last updated on: 16 February,2023 08:26 am
The move comes at a time when Facebook and Instagram cut thousands of jobs
(Reuters) - Meta Platforms Inc (META.O) said on Wednesday it had increased the security allowance given to Chief Executive and co-founder Mark Zuckerberg and his family by $4 million to $14 million.
"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.
The move comes at a time when the owner of social media platforms Facebook and Instagram has cut thousands of jobs and slashed spending plans for a period that Zuckerberg has called the "Year of Efficiency."
The 38-year-old, who ranks as the 16th richest person in the Forbes billionaire list, earned a compensation of about $27 million in 2021. Meta is yet to disclose his pay package for last year.
The Financial Times reported last week that Meta had delayed finalizing the budgets of multiple teams as it was preparing for a fresh round of job cuts.