Facebook owner Meta has increased the security allowance given to Chief Executive and co-founder Mark Zuckerberg and his family by $4 million to $14 million.
On Wednesday, the tech giant said that the increased security allowance was prompted by the mass layoffs at the company.
‘This increased allowance, together with the costs of Zuckerberg’s existing overall security program, are appropriate and necessary under the circumstances,’ Meta said in a filing.
Last November, Zuckerberg fired 11,000 employees across Facebook and Instagram and slashed spending plans for a period that Zuckerberg has called the ‘Year of Efficiency’.
‘I want to take accountability for these decisions and for how we got here,’ he added. ‘I know this is tough for everyone, and I’m especially sorry to those impacted,’ said Zuckerberg, when announcing the layoffs.
The tech giant had said that it would be cutting discretionary spending and extending its hiring freeze into 2023.
Meta employees being laid off in the US received 16 weeks of base pay plus two additional weeks for every year of service, with no cap.
The company also said that it would pay for all remaining PTO time, cost of healthcare for people and their families for six months and three months of career support with an external vendor, including early access to unpublished job leads.
Employees on a visa were to receive immigration support to help guide those affected and their families.
Meanwhile, Zuckerberg continues to pour money into his metaverse investments which could take about a decade to bear fruit.
In the meantime, he has had to freeze hiring, shutter projects and reorganise teams to trim costs.
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