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In 2023 Meta will fire about 20,000 people, and Zukerberg will pull about $30,000,000 from the company. If Zukerberg took 0 it would save about 1500 per laid o

by htag 3y ago

In 2023 Meta will fire about 20,000 people, and Zukerberg will pull about $30,000,000 from the company. If Zukerberg took 0 it would save about 1500 per laid off person. Tech is generally cutting costs at a large enough number that C-suite compensation packages couldn't cover it.

karpierz 3y ago
You're seeing up a false dilemma where either there are layoffs or Zuck's party gets cut. You could layoff a hundred fewer people and cut Zuck to 0 for the same savings.
- shagie 3y ago
  https://www.theguardian.com/technology/2023/feb/16/meta-to-pay-more-for-mark-zuckerbergs-personal-security-amid-job-losses https://www.theguardian.com/technology/2023/feb/16/meta-to-p... > Meta’s board declared that the 40% increase was “appropriate and necessary under the circumstances” and was in place “to address safety concerns due to specific threats to his safety arising directly as a result of his position as Meta’s founder, chairman, and CEO”. > The tech mogul’s salary is just $1 a year – but his earnings are far more. Zuckerberg ranks as the 16th richest person in the world on the Forbes billionaire list due to his shareholdings in Meta. In 2021 he received compensation from the company worth $27m. https://www.theregister.com/2022/04/12/mark_zuckerberg_gets_a_26m/ https://www.theregister.com/2022/04/12/mark_zuckerberg_gets_... > 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 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."
curiousllama 3y ago
20k per person?
- sokoloff 3y ago
  $20K/person/year * 20K people is $400M/year.
chank 3y ago
C-Suite should take a hit regardless if their salary will cover any portion of layoffs. Laying off so many screams of poor management decisions.
- welshwelsh 3y ago
  Layoffs don't imply poor management. During the pandemic the Fed slashed interest rates, giving companies more money so they can hire more people and keep unemployment down. Then the Fed raised interest rates, forcing companies to lay people off to save money, so we can increase unemployment to fight inflation. You could argue that Facebook's management could have predicted the Fed's rate hikes. Then they could have refused to hire people for new projects because they might have to cut those projects later. I don't think that's better.
  - chank 3y ago
    Forces of nature aside is a given. However, FB (and other FAANG) rampant overhearing before and through out the pandemic to basically horde talent was poor management.
jonas21 3y ago
Beyond that, Zuckerberg's salary is already $1. Most of his total compensation is in the form of security services for him and his family. I suppose you can consider that a perk that could be cut in order to save some tech jobs (at the cost of security jobs). But the company probably views something happening to him as an existential threat that would result in the company failing (and everyone getting laid off), which is why they provide the security.
- pokepim 3y ago
  [dead]
- photonbeam 3y ago
  The company would go on, hes just one person Twitter laid off most of the company and they still limp along somehow

by htag 3y ago

karpierz 3y ago

You're seeing up a false dilemma where either there are layoffs or Zuck's party gets cut. You could layoff a hundred fewer people and cut Zuck to 0 for the same savings.

shagie 3y ago
https://www.theguardian.com/technology/2023/feb/16/meta-to-pay-more-for-mark-zuckerbergs-personal-security-amid-job-losses https://www.theguardian.com/technology/2023/feb/16/meta-to-p... > Meta’s board declared that the 40% increase was “appropriate and necessary under the circumstances” and was in place “to address safety concerns due to specific threats to his safety arising directly as a result of his position as Meta’s founder, chairman, and CEO”. > The tech mogul’s salary is just $1 a year – but his earnings are far more. Zuckerberg ranks as the 16th richest person in the world on the Forbes billionaire list due to his shareholdings in Meta. In 2021 he received compensation from the company worth $27m. https://www.theregister.com/2022/04/12/mark_zuckerberg_gets_a_26m/ https://www.theregister.com/2022/04/12/mark_zuckerberg_gets_... > 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 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."

curiousllama 3y ago

20k per person?

sokoloff 3y ago
$20K/person/year * 20K people is $400M/year.

chank 3y ago

C-Suite should take a hit regardless if their salary will cover any portion of layoffs. Laying off so many screams of poor management decisions.

welshwelsh 3y ago
Layoffs don't imply poor management. During the pandemic the Fed slashed interest rates, giving companies more money so they can hire more people and keep unemployment down. Then the Fed raised interest rates, forcing companies to lay people off to save money, so we can increase unemployment to fight inflation. You could argue that Facebook's management could have predicted the Fed's rate hikes. Then they could have refused to hire people for new projects because they might have to cut those projects later. I don't think that's better.
- chank 3y ago
  Forces of nature aside is a given. However, FB (and other FAANG) rampant overhearing before and through out the pandemic to basically horde talent was poor management.

jonas21 3y ago

Beyond that, Zuckerberg's salary is already $1. Most of his total compensation is in the form of security services for him and his family. I suppose you can consider that a perk that could be cut in order to save some tech jobs (at the cost of security jobs). But the company probably views something happening to him as an existential threat that would result in the company failing (and everyone getting laid off), which is why they provide the security.

pokepim 3y ago
[dead]
photonbeam 3y ago
The company would go on, hes just one person Twitter laid off most of the company and they still limp along somehow