Although many employees are facing salary cuts, Meta on the other hand has increased the security allowance of the Chief Executive Officer, Mark Zuckerberg up to 14 USD million.
Due to the present scenario, the company said that the elevated allowance was ‘appropriate and necessary’ in a filing that was presented.
“This increased allowance, together with the costs of Zuckerberg’s existing overall security program, are appropriate and necessary under the circumstances,” the company said.
What is Meta spending for Mark Zuckerberg’s security?
Earlier, the CEO had an allowance of 10 USD million but now the company has decided to pay a security allowance of up to 14 million USD. A total of USD 4 million has been increased to keep Mark Zuckerberg safe.
In a filing quoted by the news agency Reuters, Meta on increasing Zuckerberg’s security allowance by $4 million told: “This increased allowance, together with the costs of Zuckerberg’s existing overall security programme, are appropriate and necessary under the circumstances.”
Mark Zuckerberg announced 2023 as the year of efficiency
Facebook’s parent company, Meta will see a ‘year of efficiency’ in 2023 as announced by Mark Zuckerberg, a few days back. He added that Meta demands a new system that has ‘managers managing managers than people putting in the work’.
He meant by this statement that another round of fresh layoffs will remove certain managers who don’t act much from the company.
“Our management theme for 2023 is the ‘Year of Efficiency’ and we’re focused on becoming a stronger and more nimble organization,” Zuckerberg said as part of the release of Meta’s fourth-quarter earnings report.
In a press release, the CEO informed that the company is growing in terms of community. He said, “Our community continues to grow and I’m pleased with the strong engagement across our apps. Facebook just reached the milestone of 2 billion daily actives.”
Layoffs at Meta
Last year in November, Meta Inc declared the company’s decision to lay off 11,000 employees due to worsening economic conditions. The news was announced by Mark Zuckerberg in an official blog spot. “I made the decision to significantly increase our investments. Unfortunately, this did not play out the way I expected,” he had written at the time.
On the drop in revenues, he said: “The first 18 years I think we grew it 20 percent, 30 percent compound or a lot more every year, And then obviously that changed dramatically in 2022, where our revenue was negative for growth, for the first time in the company’s history.”
