Meta spent massive amount on CEO Mark Zuckerberg's security, flights amid layoffs: Report

As Meta, the parent company of Facebook, continues with its layoffs, the firm is reportedly paying an exorbitant amount to fund the security and the private jet expenses of its CEO Mark Zuckerberg. The tech giant’s Securities and Exchange Commission (SEC) filing revealed the expenses the company has incurred to fund the “lavish lifestyle” mark. The revelations made in the filing came amid reports that Meta conducted a fresh set of layoffs in April this year and is planning to conduct another set of layoffs in May. At that time, the company stated that it is conducting layoffs in an effort to cut costs, however, the recent SEC filing tells a different story. 

“Our compensation, nominating & governance committee evaluates these security programs at least annually, including a review of security professional assessments of safety threats and recommendations for the security programs. Since the implementation of Mr Zuckerberg's overall security program, each of these assessments has identified specific threats to Mr Zuckerberg as a result of the high-profile nature of being our founder, CEO, Chair, and controlling shareholder,” as per the SEC filing. The filling stated that the security is needed due to Zuckerberg's “unique position” and popularity.  “We believe that Mr Zuckerberg's role puts him in a unique position: he is synonymous with Meta and, as a result, negative sentiment regarding our company is directly associated with, and often transferred to, Mr Zuckerberg. Mr Zuckerberg is one of the most recognized executives in the world, in large part as a result of the size of our user base and our continued exposure to global media, legislative, and regulatory attention," the company further stated in the filing. Meta further stated that since 2018, the company has provided an “annual pre-tax allowance” of $10 million to the Facebook CEO and his family for their personal security. In February 2023, the number further increased to $14 million.

Meanwhile, the company also stated in the filing that Zuckerberg has racked up $2.3 million in expenses for his personal and private jet trips since last year. According to the New York Post, Musk’s private jet tab was $700,000 more than the $1.6 million the company paid in 2021. In 2020, Meta paid $1.8 million for Zuckerberg’s private jet expenses. According to the SEC filing, while the Meta CEO is getting paid $1 in salary, he is racking up a whopping $27.1 million in compensation. 

META layoffs

In March this year, Zuckerberg asserted that the company will cut 10,000 more jobs after laying off 11,000 employees in November last year. In a memo sent out in April this year, it was stated that the company might end up cutting 4,000 jobs in May, Vox reported. In the midst of all the chaos, reports are emerging that the anxious workers of the tech giant are complaining about the fact that Zuckerberg and other senior executives at the firm are working remotely while thousands of employees are on the verge of losing their jobs.  

One Meta spokesperson defended the bucket-load of money being spent to finance the lifestyle of the Meta CEO. “Maintaining Mark’s safety while enabling him to go about his life with minimal disruption requires comprehensive and sophisticated resources,” a Meta spokesperson told The New York Post. “Given the important role Mark plays at Meta, we have security measures in place for him that are in the best interest of the company,” he added.