Like other billionaire CEOs, Mark Zuckerberg earns a symbolic salary of just $1.
However, his company Meta spent a whopping amount on expenses marked as ‘other compensation’.
And you’ll be shocked to hear what that is.
Meta is a public company, which means it has to disclose certain costs and expenses.
In the proxy statement the company sent to the Securities and Exchange Commission (SEC), Meta spent $27.1 million last year on what the company refers to as ‘other compensation’.
It all has to do with expenses sustained by Zuck while running the company.
It’s a significant amount and it includes his travel expenses and security.
For starters, Zuck spent $2.3 million to use his private jet last year.
And that’s not all.
In addition to that, the company also allocated $10 million on Zuckerberg’s ‘pre-tax security allowance’.
In other words, the company has to spend eight figures a year on Zuckerberg’s security costs, including for example bodyguards and drivers.
And that number is going to go up.
As part of the filing, Meta announced it would be increasing the allowance to $14 million next year because it deems it “necessary in light of the threat landscape”, according to what Meta wrote in the note to the SEC.
Zuckerberg’s net worth nosedived when he announced Facebook’s rebranding to Meta, and the company stock hasn’t fully recovered yet.
Even so, Mark Zuckerberg still has a 12-figure net worth.
Yep, 12 figures, as in, $109 billion.
This is hardly surprisingly, though.
Since the start of the year, the world’s 500 richest people have collectively added nearly $1 trillion to their fortune.