Zuckerberg gets $26m in 'other' Meta compensation
Personal security, private travel, for exec making a single 'Zuck Buck'
Meta only paid Mark Zuckerberg $1 last year, and the board recently voted to do the same in 2022.
That single Zuck Buck may serve as a talking point, a token of humility, but that is hardly the full compensation story. As is the case with many execs the strategy hinges on generous allowances instead of income, as seen in Meta's 2021 proxy statement.
For the bulk of his personal wealth, Zuckerberg can turn to his approximately 13 percent stake in Meta, which makes him one of the richest people in the world. According to the Bloomberg Billionaires Index, Zuckerberg currently sits in 13th place with a fortune worth $79.5 billion.
A quick look at the Meta proxy statement shows how much Zuck makes in "all other compensation": $26,823,016.
There were no bonus or stock awards given to Zuckerberg in 2019, 2020, or 2021, but that "other" amount increased by nearly $2 million each year. The bulk of this goes to pay for the Zuckerberg family's security at home and while traveling, even for personal reasons.
Zuckerberg is Meta
Zuckerberg and COO Cheryl Sandberg both get an allowance for personal and family security, which Meta said is necessary to address specific threats to their safety. "We require these security measures for the company's benefit because of the importance of Mr. Zuckerberg and Ms. Sandberg to Meta, and we believe that the scope and costs of these security programs are appropriate and necessary," the proxy statement said.
Zuckerberg is in the unique position, Meta said, of being synonymous with the company because of the size of its user base and its continued presence thanks to less-than-positive legal and media attention. "As a result, negative sentiment regarding our company is directly associated with, and often transferred to, Mr Zuckerberg."
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Facebook lost nearly $100 a share in early February thanks to reports of dipping user numbers triggered by increased competition, iOS privacy changes and decreasing interest. Since then, the company's valuation has yet to return to where it was at the beginning of 2022.
Of the nearly $27 million that Zuckerberg made from Meta in 2021, the bulk comes from "personal security for Mr Zuckerberg at his residences and during personal travel," which cost Meta $15,195,103 last year. An additional $1,627,957 allowance went toward costs associated with Zuckerberg's private jet, which needs hangar space, pilots and crew, fuel, catering and more.
As for which chores Zuck did to earn the other $10 million, Meta didn't mention it. ®