Meta Platforms Inc. CEO Mark Zuckerberg calls 2023 the “Year of Efficiency.” It’s a sign that the social networking company plans to cut spending and speed things up, but at least he’s seeing rising costs in one area. It’s his personal security.
Facebook and Instagram parent company Meta will increase Zuckerberg’s pre-tax spending on personal security from $10 million in the past few years to $14 million in 2023, a regulation announced Wednesday. Based on documents submitted to the authorities.
This payment does not include any other security costs incurred by the company on behalf of Zuckerberg. CEOs have been scrutinized in the past for spending more on security than their equivalent technology executives. For example, in 2021 the social media giant will: $26.8 million in security-related expenses Including $10 million before tax for Zuckerberg and his family.
But the security payout comes at a time when Meta and Zuckerberg are trying to keep spending down in other areas, including large scale Staff reduction The end of last year. In response to slowing revenues from advertising, high bets on the metaverse, and increased investor scrutiny, Zuckerberg unveiled the “Year of Efficiency” label in Meta’s latest earnings call earlier this month. As part of the plan, Meta plans to: “flatten” the organizational structure Eliminate middle management and improve productivity with tools like AI. In the latest cost-cutting move, the company has announced that it will be discontinuing the “Live Shopping” feature on his Instagram.
In Wednesday’s filing, Meta noted that Zuckerberg received an annual salary of $1 and received no other compensation.
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