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Meta adds millions to Mark Zuckerberg’s personal security amid thousands of job losses

By Nagasunder in US business news, posted February 17, 2023

Meta will pump millions of dollars more into CEO's Mark Zuckerberg personal security as it continues to cut thousands of jobs.

The Facebook owner has revealed a $4 million increase in security spending to $14 million.

This is at a moment when the company has cut thousands of jobs in what Zuckerberg has called the "year of efficiency".

Meta’s board said the 40 percent increase was “appropriate and necessary under the circumstances."

The company said it was in place “to address safety concerns due to specific threats to his safety arising directly as a result of his position as Meta’s founder, chairman, and CEO”.

Zuckerberg is allowed to use the money to pay for “additional personnel, equipment, services, residential improvement” and other safety-related needs.

When he got $10 million from the business in 2018, his personal protection expenses were last assessed,according to the filing.

The software tycoon makes just $1 a year in pay, yet he makes much more money overall.

Due to his ownership of Meta, Zuckerberg is the 16th richest person in the world according to the Forbes billionaire list.

He received $27 million in pay from the business in 2021.

In November, the business let go of 11,000 people, or 13 percent of its staff.

On a call with analysts earlier this month, Zuckerberg said: “Next, we’re working on flattening our org structure and removing some layers in middle management to make decisions faster.”

In an email to staff, Zuckerberg said: “I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I’m especially sorry for those impacted.”

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The previously $1 trillion market cap of Meta fell by 70 percent in 2022. The business announced its first-ever revenue decline in July.

Source: The Guardian