The security allowance given to Chief Executive and co-founder Mark Zuckerberg and his family has been raised by $4 million after the massive layoff by Meta Platforms Inc.
Meta on Wednesday said that Zuckerberg's security allowance has been increased to $14 million.
"This increased allowance, together with the costs of Zukerberg's existing overall security program, are appropirate and necessary under the circumstances," Meta said in a filing.
The move comes after the social media platforms Facebook and Instagram has cut around 11,000 jobs and slashed pending plans for the period that Zuckerberg called "Year of Efficiency."
Zuckerberg has earned a compensation of about $27 million in 2021, reported Reuters. The company had spent reportedly over $15 million on costs associated with the security of the CEO. The budget for the usage of private jet for personal purposes, pre-tax allowance was excluded from the projected figure.
Therefore, even though Meta gives a figure of $14 million, the real numbers would be higher than that, said reports.
Meanwhile, Meta is yet to disclose the pay package for last year.
Compared to Amazon founder Jeff Bezos and Apple CEO Tim Cook, Zuckerberg's security costs are reportedly higher.
The 38-year-old ranks as the 16th richest person in the Forbes billionaire list.
The Meta had delayed finalising the budgets of multiple teams as it was preparing for a fresh round of job cuts, The Financial Times reported.
