Meta Increased Security Allowance Given To Mark Zuckerberg

Meta has increased the security allowance of its CEO and co-founder Mark Zuckerberg from $ 4 million (about Rs 33 crore) to $ 14 million (about Rs 115 crore), calling it 'just and necessary'. Zuckerberg is currently ranked 16th on the Forbes list with a net worth of over $63 billion. In the year 2021, he was given $ 27 million as compensation. His compensation information for 2022 has not been revealed yet.
The decision to increase the security allowance has been taken at a time when the company is planning to lay off more employees in the coming weeks. Meta fired 11,000 employees in November last year. For the first time in the company's 18-year history, such a large number of employees were retrenched. Mark Zuckerberg attributed this to the decline in revenue due to wrong decisions.
Mark said, 'Today I am going to tell about some of the most difficult decisions made in the history of Meta. We have decided to reduce our team size by approximately 13%. Due to this, more than 11 thousand talented employees will lose their jobs. We are taking steps to become a more efficient company by cutting expenses and extending the hiring freeze through Q1.
Mark Zuckerberg also expressed regret for the affected employees and took full responsibility for the decision as well as how the company got to this place. "I want to take accountability for these decisions and how we got here," he said. I know this is difficult for everyone and I am especially sorry for those who have been affected by my decision.
Zuckerberg founded Facebook in 2004 in his dorm room at Harvard. The original idea for the site was to create a social network so that Harvard students could connect with each other online. However, the site quickly gained popularity and expanded to other universities. Now it has become a global platform with more than 2.9 billion daily active users.
Mark Zuckerberg has been the CEO of Facebook since its inception. Under his leadership, Facebook has grown from a small startup to a global social media giant. However, Zuckerberg has also been criticized for data leaks and fake news on the platform.