Meta PlatformsInc META co-founder and CEO Mark Zuckerberg has kept a base salary of $1 for the past few years, but his total compensation package is in the millions and it ticked higherin 2022 to cover more costlyprivate jet use.
What To Know: According to a MarketWatch reportciting Meta's 2022 proxy statement,Zuckerberg's total compensationclimbed above $27 million in 2022, upfrom $26.82 million the year before.The increase was entirely due to an uptick in compensation for costs related topersonal use of his private aircraft.
Zuckerberg's wealth rises with Meta stock, but he has maintaineda base salary of just $1 for several years. That remained the case last year.
"Previously, Mr. Zuckerberg had requested to receive a base salary of $1 per year and the compensation, nominating & governance committee continued to honor this request in 2022,"per Meta's proxy statement.
He also did not receive anybonus or stock rewards in 2022, but his total compensation increased from $26.82 million in 2021 to $27.11 million last year due to increases in "all other compensation."
The "other compensation" category includes security costs and personal aircraft use. Zuckerberg was paid $10 million related to the security of his family and another$14.82 million for personal security at his residences, which was actually down from $15.2 million the year before. However, that number was more than offset by compensation for costs related to personal use of his jet.
His compensation package included a $653,215 bump related to costs for personal private aircraft use. This category increased from $1.63 million in 2021 to $2.28 million in 2022.
"Mark Zuckerberg uses private aircraft for travel in connection with his overall security program …that is indirectly and wholly owned by Mr. Zuckerberg and operated by an independent charter company for business and personal travel by Mr. Zuckerberg," the statement read.
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Why It Matters: Zuckerberg has named 2023 the "year of efficiency" for Meta. Despite trying to rein in costs, the company is still paying "unusually high" salaries to attract some of the best talents in longer-term growth areas.
Reports from earlier this week indicated Meta is paying programmers capable of creatingvirtual reality-related tech extremelyhighamountsranging from$600,000 tonearly$1 million annually.
It's not an exaggeration to say that Meta's total compensation packages are "double or more than double" of many competitors, according to a CEO of a data-driven tech recruiting firm.
Meta shareshaverallied since the company began announcing layoffs centered aroundimprovingfinancial performance by cuttingcosts. The stock is up more than 80% since the start of the year.
Check This Out:Zuckerberg Splurges: Meta VR Developer Annual Salary More Than Average American Worker Makes In 10 Years
Photo:Anthony Quintanofrom Flickr.
