Meta Spent Over 27 Million USD on Mark Zuckerberg’s Security, Private Jet Travel in 2022 Amid Layoffs
The reports come 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."
Delhi, April 22: Meta paid 27.1 million US dollars on the security on CEO Mark Zuckerberg in 2022. According to Meta's proxy statement filed to the Securities and Exchange Commission on Friday, Meta paid 27.1 million in 2022 for what the company refers to as "all other compensation" — a variety of costs related to Zuckerberg's security expenses. This expense includes nearly USD 2.3 million in 2022 on Mark Zuckerberg's private jet travel.
According to a report in Business Insider, the expense is higher than the roughly 1.6 million that Meta spent on such trips for him in 2021, and the roughly 1.8 million in 2020. Layoffs in Meta: I Packed My Whole Life in Five Suitcases, Says Sacked Employee As Fresh Round of Firing Leaves Many Workers Angry and Disappointed.
In its SEC filing, Meta said it had “identified specific threats to Mr. Zuckerberg as a result of the high-profile nature of being our founder, CEO, Chair, and controlling shareholder.” Meta Layoffs: Facebook Parent Company Lays Off Most Staffer Dedicated to Combating Misinformation.
The company further said that “We believe that Mr. Zuckerberg’s role puts him in a unique position: he is synonymous with Meta and, as a result, negative sentiment regarding our company is directly associated with, and often transferred to, Mr. Zuckerberg.”
The reports come 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."
Earlier reports in February said that the security allowance awarded to Chief Executive and Co-Founder Mark Zuckerberg and his family had been boosted by 4 million USD to 14 million.
Meanwhile, Meta has said that it may initiate more layoffs as Zuckerberg has tightened the noose with a warning for managers to ‘code and contribute or else…leave.’ Meta is rationing free foods and snacks besides other perks. Meanwhile, ex-employees are still struggling to find alternatives.
(The above story first appeared on LatestLY on Apr 22, 2023 01:08 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).