Meta, the parent company of Facebook and Instagram, has increased the security allowance for its CEO, Mark Zuckerberg, and his family by $4 million. As a result, Zuckerberg’s total security allowance is now around $14 million. Meta justified the increase, stating that it is necessary and appropriate in the current circumstances.
Why Meta Increases Security Allowance?
Zuckerberg, the 16th richest person in the world, suffered significant losses due to the Meta stock crash after the company rebranded and refocused towards the Metaverse.
According to financial information released by Meta, Zuckerberg earned a total of $27 million in 2021. He will earn around $30 million in 2023, meaning his security allowance will account for almost half of his yearly salary.
While security expenses are important, the internet has yet to be pleased with the timing of this increase in the security allowance. Meta laid off approximately 11,000 employees just a few months ago, citing over-hiring during the pandemic.
Overall, Meta has decided to increase the security allowance for its CEO and his family, claiming that the increased allowance and the costs of Zuckerberg’s existing security program are necessary and appropriate.
However, some individuals have criticized this move due to recent layoffs and the economic effects of the pandemic.
Meta And Facebook
Meta (formerly known as Facebook) is a social media company founded by Mark Zuckerberg in 2004. The company has
grown to become one of the world’s largest social media platforms, with over 3 billion monthly active users across its various apps and services, including Facebook, Instagram, WhatsApp, and Messenger.
In October 2021, Facebook announced that it was rebranding itself as Meta, reflecting its new focus on building a “metaverse.” In this virtual world, users can interact with each other in real-time using virtual and augmented reality technologies. The metaverse is envisioned as a shared space where users can play games, attend virtual events, and engage in other social activities.
The metaverse represents a major shift for Meta, which has traditionally focused on social networking and advertising. By building a virtual world, Meta aims to create new opportunities for engagement and monetization while diversifying its business beyond traditional social media.
However, the metaverse concept is still in its early stages, and many questions and challenges need to be addressed. For example, the metaverse raises concerns about privacy and data security, issues related to the use of virtual currencies, and the potential for addiction and exploitation.
Overall, the launch of Meta and the company’s focus on building a metaverse represents a significant shift in the social media industry and has the potential to reshape how people interact and engage with each other in the digital world.
