Zuckerberg's shocking salary: $1 base but millions in other income
What's the story
Mark Zuckerberg, the CEO of Meta, is known for his nominal $1 base salary, making him the lowest-paid employee at the tech giant on paper.
This stands in stark contrast to Meta's median employee income of $379,000 and is even more striking when compared to typical salaries in the broader tech industry.
However, a recent proxy filing statement revealed that Zuckerberg's total compensation for 2023 amounted to an astounding $24.4 million.
Security expenses
Zuckerberg's security expenses are a major part of his compensation
The majority of Zuckerberg's compensation is dedicated to his security expenses, as revealed in the proxy filing statement.
In 2023, it was disclosed that his pre-tax allowance for personal security had increased by 40%, from $10 million in 2018 to approximately $14 million.
Interestingly, his security expenditure slightly dipped in 2022 and further decreased during Meta's "year of efficiency" in 2023.
Travel expenses
Zuckerberg's compensation also included costs for private aircraft
Zuckerberg's compensation also included nearly $1 million for "costs related to personal usage of private aircraft."
Meta justified these substantial costs by citing "specific threats" faced by Zuckerberg due to his high-profile role.
The company stated in the filing that Zuckerberg is one of the most recognized executives in the world, due to the size of Meta's user base and their continued exposure to global media, legislative, and regulatory attention.
Wealth growth
Zuckerberg has been member of $1 salary club for years
Zuckerberg has been a member of the "dollar salary club" since 2013, joining other notable figures like Larry Page, Larry Ellison, and the late Steve Jobs.
In over a decade, he has earned just $11 in salary.
However, despite his nominal official salary and a year of cost-cutting measures at Meta, Zuckerberg's wealth has seen a substantial increase.
In February alone, his net worth increased by $28 billion following share price surge after Meta reported robust Q4 results.