Meta Platforms has been introducing cost-cutting measures, but it isn’t tightening its belt in one area: security spending for CEO Mark Zuckerberg, according to Bloomberg.
According to a filing with the U.S. Securities and Exchange Commission (SEC), Zuckerberg’s spending (pre-taxes) on personal security for 2023 will go from $10 million to $14 million.
Meta Platforms owns Facebook, Instagram, and WhatsApp. It reported its first revenue drop as a public company in July 2022, and the company laid off some 11,000 people in November 2022. Thousands of workers recently received performance reviews that were low, which could indicate more layoffs are planned, sources told The Wall Street Journal.
Zuckerberg also announced on an earnings call the company planned to embark on a “year of efficiency.”
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As Bloomberg noted, Zuckerberg has faced scrutiny for his spending on personal security in the past. The $14 million functions as a sort of allowance from the company to the CEO and his family, but there are additional security costs as well
For example, in 2021, the company shelled out a total of nearly $27 million for security expenses related to Zuckerberg and his family. “The filing attributed the higher costs to regular personal travel, protocols related to Covid-19 and market increases for security personnel,” Bloomberg wrote.
Zuckerburg’s CEO’s annual salary is listed at $1.
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