Just when you thought a $1 base salary couldn’t get you much, Meta CEO Mark Zuckerberg proves otherwise. In 2023, Zuckerberg took home a salary of just $1, the lowest among all Meta employees. However, his other compensation amounted to a staggering $24.4 million, primarily covering security costs.
Details on the exact amount spent on his security were not disclosed, but it was noted that Meta increased its budget for Zuckerberg’s security to $14 million in 2023, up from $10 million in previous years. This 40% increase in his security pre-tax allowance came after a year of cost-cutting for Meta, which saw around 11,000 employees being laid off.
According to reports, a portion of Zuckerberg’s $24.4 million compensation in 2023 also covered costs related to his private jet. Despite receiving a nominal salary of $1 since 2013, Zuckerberg’s wealth has continued to soar, with his net worth increasing by over $47 billion in the current year.
Forbes currently ranks Zuckerberg as the fourth richest person globally, with a net worth of $155 billion, trailing behind Bernard Arnault, Elon Musk, and Jeff Bezos. The 39-year-old CEO reportedly deliberately keeps his salary at $1, as per his request, and opts out of Meta’s Bonus Plan as well as any equity awards.
While Zuckerberg’s compensation has been making headlines, Meta, formerly known as Facebook, announced a significant rise in profits in the first quarter of 2023. The company reported a net profit of $12.4 billion and a total revenue of $36.5 billion, mainly generated from selling ads.
Despite the substantial compensation and profits, Meta’s global workforce has seen a slight decline, with the number of employees dropping to 69,329 from a peak of more than 87,000 in 2022. Zuckerberg, however, remains focused on the growth and success of the company, emphasizing the increasing number of users on Meta’s apps and continued healthy growth in the US.
As Zuckerberg continues to navigate the tech world with his strategic decisions and financial prowess, his $1 base salary combined with hefty compensation serves as a unique example in executive pay.
