Mark Zuckerberg received the lowest salary of all Meta employees at just $1 in 2023, but the head of the big tech company earned a staggering $24.4 million in “other compensation.” Collected a large amount of money.
The majority of this “other compensation” covered Mr. Zuckerberg’s security costs, according to the proxy filing.
Securities and Exchange Commission filings don’t reveal how much of that money went to protecting the 39-year-old CEO, but last year Facebook’s owner made a budget to keep his boss safe. It was revealed that the amount has been increased to $14 million. That’s up from $10 million the previous year.
This increase in 2023 means a 40% increase in Mr. Zuckerberg’s personal security pre-tax allowance and, as Mr. Zuckerberg said, the company will lay off 13% of its workforce, or approximately 11,000 employees. It happened during what the executive called the “Year of Efficiency.” I tried to make the meta “leaner”.
Mr. Zuckerberg is allowed to use the funds to pay for “additional personnel, equipment, services, home improvements,” and other safety-related needs, Mr. Mehta said at the time.
Meanwhile, other funds from Zuckerberg’s $24.4 million compensation were used for “expenses related to the personal use of a private aircraft,” according to a previously reported filing. luckIt also says Zuckerberg received a $1 salary “as per his request.”
Additionally, he “does not participate in the Company’s bonus plan or receive stock compensation,” the proxy statement said.
The meta also includes the fact that the median annual compensation for the company’s more than 67,000 employees, excluding Zuckerberg, was a staggering $379,050.
In comparison, Fortune magazine cites the following data stating that the average tech worker earns between $35,000 and $120,000 depending on the role. surely.
Asked for comment about Mr. Zuckerberg’s “other compensation,” a Meta spokesperson told the Post: “As a reminder, Mark and Priscilla have pledged to donate 99% of their Meta stock to charitable causes over their lifetime. To date, they have pledged to donate 99% of their Meta stock to charitable causes. Through the Foundation, we have donated more than $6.7 billion to support our goal of helping scientists treat, prevent, and manage all diseases, as well as other projects across education and community support.”
Since 2013, Zuckerberg’s wealth has grown by more than $47 billion so far this year, even though his salary has been just $11.
With a net worth of $176 billion, Zuckerberg is the third richest person in the world, according to the Bloomberg Rich List, ahead of French luxury fashion mogul Bernard Arnault and Amazon’s Jeff Bezos, who each have a net worth of $220 billion and $202 billion, respectively. He is second only to Mr.
The Menlo Park, California-based business generated $134.9 billion in revenue in 2023 due to its popularity among more than 4 billion monthly users. About 3 billion of those are from Facebook.
Mr Zuckerberg said most of his profits so far have come from his roughly 13% stake in Meta, which owns Facebook, Instagram and WhatsApp. bloomberg.
Year-to-date, Meta’s stock has also soared more than 43%, closing at $493.50 on Wednesday.
Zuckerberg isn’t the only CEO making a $1 salary.
Tesla’s Elon Musk, Yelp CEO Jeremy Stoppelman, and Google co-founders Larry Page and Sergey Brin also earn just $1 a year at their respective companies.
Former Apple executive Steve Jobs also demanded a salary of just $1 during his time at the iPhone maker and until his death in 2011.
