Mark Zuckerberg's Security Allowance Just Went Up 40% Amid Meta's Massive Job Cuts

Meta Platforms Inc META has ramped up the security allowance for its CEO Mark Zuckerberg by 40%.

What Happened: The company is raising the allowance for Zuckerberg and his family from $10 million to $14 million, according to an SEC filing.

“This increased allowance, together with the costs of Zuckerberg's existing overall security program, are appropriate and necessary under the circumstances,” said the company.

Meta said its Compensation, Nominating & Governance Committee considered Zuckerberg’s “position and importance to Meta and the fact that Mr. Zuckerberg has requested to receive only $1 in annual salary and does not receive any bonus payments, equity awards, or other incentive compensation.”

See Also: 3 Ways To Invest In Early Stages Of The Metaverse

Why It Matters: The increased allowance for Zuckerberg’s security comes at a time when the company has undertaken massive job cuts. The company deemed 2023 as the “Year of Efficiency” in its fourth-quarter results.

In November 2022, the operator of Facebook and Instagram laid off 11,000 employees and took steps to restructure its business. 

There are indications that Meta is not yet done with job cuts. This week it was reported that there is no clarity yet on the headcount situation.

Zuckerberg has indicated that he’s not in favor of layered management and he could be pondering the culling of middle manager positions.

Price Action: On Wednesday, Meta Platforms shares closed 1.3% lower at $177.16 in the regular session and gained 0.5% in the after-hours trading, according to Benzinga Pro data.

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