Mark Zuckerberg, CEO of Meta, Receives A Base Salary of Just Rs. 83, But There’s A Catch
On paper, Meta’s founder and CEO, Mark Zuckerberg, is the lowest paid person in the firm. According to the sources, Zuckerberg’s basic pay in 2023 was $1 (around Rs 83). Many people may find this figure ridiculous since, as Fortune Business magazine states, it is far less than the median wage of a Meta employee.
The average pay is almost Rs 3 crore, or $379,000. The predetermined sum that is agreed upon throughout the hiring process and that an employee must be paid for their job is known as the base pay. The midway value among all wages taken into consideration is represented by the median pay. $1 (Rs 83) is just a basis, however, since Zuckerberg is also eligible to collect substantial sums of money under “other compensation.” The other payment is an astounding $24.4 million (around Rs. 20 crore).
According to the Fortune article, the majority of this “other compensation” goes toward the Meta founder’s security costs. According to the article, Meta upped his pre-tax security allowance by 40% in 2023, from $10 million (about Rs 83.39 crores) in 2018 to over $14 million (about Rs 320 crores). However, since Meta promised a “year of efficiency,” there were some cuts made to this security budget. He paid $14.8 million (about Rs 323 crores) for security in 2022, but only around $9.4 million (about Rs 78 crores) in 2023.
An further significant sum of this compensation—nearly $1 million, or Rs 8.24 crores—went toward paying for the private use of airplanes.
According to Bloomberg Billionaire’s Index, Meta CEO Mark surpassed Elon Musk to become the third wealthiest person in the world because to these business benefits. The respective net worths of Musk and Zuckerberg are $180.6 billion (about Rs. 1,500 crores) and $186.9 billion (about Rs. 1,550 crores). With a 34% decline in 2024, Tesla’s stock is the worst performer in the S&P 500 Index. Meta Platforms Inc.’s stock, on the other hand, has increased by 49%. Musk, who was as recently as early March rated first on the Bloomberg Billionaires Index, finished fourth.
