Despite Cost Cutings, Zuckerberg Spends More On His Personal Security

As part of the company's strategy for moving forward, Among other things, Mark Zuckerberg has proclaimed 2023 the “year of efficiency.” In his declaration, Zuckerberg signals that the social networking site plans to reduce spending and increase speed, while his own personal security expenses are increasing at a considerable rate.

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Facebook and Instagram's parent company, Meta, is reportedly planning to spend an additional $14 million on the protection of Mark Zuckerberg in 2023. The company had spent the previous $10 million on his security during the last three years, according to the filing released Wednesday. 

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As part of this payment, facebook will incur additional security costs on Zuckerberg's behalf that are not included in this payment. There have been criticisms about the CEO's tendency to spend more money on security than comparable technology executives at other companies in the past. A recent study by the NSI found that Facebook spent more than $26.8 million in 2021, including the $10 million pretax allowance that Zuckerberg and his family received, on security-related expenses for them.

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In addition to the security payment, Meta and Zuckerberg have cut a large number of jobs late last year in the effort to rein in spending. During Meta's most recent earnings call earlier this month, Zuckerberg introduced the "Year of Efficiency" label due to declining advertising revenue, costly bets on the metaverse, and increased investor scrutiny. To achieve this goal, Meta plans to remove middle managers and increase productivity by using tools such as artificial intelligence. Instagram announced recently that it was shutting down its 'Live Shopping' feature on Instagram as part of its cost-cutting program in the latest cost-cutting move. 

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Zuckerberg has been reported to receive an annual salary of roughly $1 from his employer Meta, according to the filing that was filed on Wednesday.

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