Per Market Watch
Meta's Mark Zuckerberg retained his $1 salary but increased his compensation
4/18/2023
Mark Zuckerberg retained his $1 salary from 2020 to 2022, but his compensation increased during this time. The Meta CEO's compensation increased from $26.82 million to $27.11 million.
During this time, Zuckerberg's personal security detail took $14.82 million of the total compensation. Per The Register, other executives also received tens of millions in compensation.
Here is Meta's proxy statement regarding the expense.
"The compensation, nominating & governance committee believes that these costs are appropriate and necessary in light of the threat landscape 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."
Here are the other executives that received millions in compensation.
- Susan Li - Meta CFO - $15.3 million (majority in stock awards)
- Christopher K Cox - Meta CPO - $22.591 million
- Andrew Bosworth - Meta CTO - $20.2 million
Meta's operating income in 2022 dropped by 38% compared to 2021, down to $29.94. The company also reported $116.7 billion in revenue with $87.66 billion in expenses.
With Meta's massive expenses, the company decided to cut jobs, totaling 21,000 heads, in November and March. Meta announced that its employee compensation reached $296,320, consisting of the following.
- Salary
- Bonuses
- Sales commissions
- Equity value
Aside from its 21,000 head layoff, Meta asked many managers and directors to transition to individual contributor jobs or exit the company. This came as the company decided to leave 5,000 of its unfilled roles empty.
Recently, Meta announced that it would remove its free cafeteria meals. This comes after the company's decision to remove its free laundry and dry cleaning perks for staff.
This comes on top of other cost-cutting measures of the company.
See flow at unusualwhales.com/flow.
Other News:
- META is asking many of its managers and directors to transition to individual contributor jobs—or leave the company
- META has cut back on free cafeteria meals, having previously eliminated free laundry and dry cleaning for staff
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