Zuckerberg security allowance hiked to $14 million amid layoffs: A lowdown

Mark Zuckerberg's security allowance is reported to have been hiked to $14 million by Facebook owner Meta amid a spell of layoffs. Social media giants owned by Meta - including Facebook and Instagram - have also recently witnessed retrenchment in what Zuckerberg defined as a "Year of Efficiency". Facebook and other American firms have been downsizing staff strength in the midst of what analysts have termed as an unspoken recession.

In a filing cited by news agency Reuters, Meta - on increasing Zuckerberg's security allowance by $4 million - said: "This increased allowance, together with the costs of Zuckerberg's existing overall security programme, are appropriate and necessary under the circumstances."

Meta has been cutting costs recently. It has also reportedly also delayed setting team budgets months after dismissing nearly 13 per cent of its global workforce. For 2023, the firm has lowered its estimates between the range of $89 billion- $95 billion, which were earlier in $94 billion-$100 billion range.

“Our management theme for 2023 is the ‘Year of Efficiency’ and we’re focused on becoming a stronger and more nimble organization,” Zuckerberg said as part of the release of Meta’s fourth-quarter earnings report.

On the drop in revenues, he said: “The first 18 years I think we grew it 20 per cent, 30 per cent compound or a lot more every year, And then obviously that changed dramatically in 2022, where our revenue was negative for growth, for the first time in the company’s history.”