Mark Zuckerberg's meta approved a massive bonus for executives – days after the tech giant fired about 4,000 workers.
In a company application Thursday, Meta said it has approved the “increase in target bonus rate” of its annual bonus plan.
According to the submission, company executives are now able to earn a bonus that increases 200% of their base salary from 75%.
Zuckerberg – With a net worth of $245 billion, he is the second wealthiest person in the world after Elon Musk. According to the Bloomberg Billionaire Index – Submissions have been pointed out as being excluded from updated bonus plans.
Meta did not immediately respond to requests for comment.
The change was approved on February 13 after Meta's board committee found that it was “under the 15th percentile” compared to rival companies' figures.
“After this increase, target total cash compensation for appointed executive officers (non-CEOs) will be classified into the approximately 50th percentile of target cash compensation for peer groups,” Filing said.
A few days before the bonus change, Meta began laying off about 5% of its employees, targeting low performance. Zuckerberg previously said that he “decided to raise the bar for performance management.”
Meta recently cut its staff equity awards. According to the Financial Times.
According to the report, the tech giant has reduced the distribution of annual stock options for thousands of staff by about 10%.
The change could vary depending on where workers live and their role in the company, the report said.
Meta's shares have skyrocketed 48% over the past 12 months.
The company recently said it plans to spend $65 billion this year on AI and robotics advancements.
In January, Meta said fourth quarter revenues rose 21% from the previous year to $483.9 billion.
As Zuckerberg and other billionaire executives approached President Trump, sentiment from Meta and investors around his tech rivals improved.
Zuckerberg attended the inauguration last month along with Tesla boss Elon Musk, Amazon founder Jeff Bezos and Alphabet CEO Sundar Pichai.
The tech giant wants more relaxed regulatory oversight under the Trump administration.
