Mark Zuckerberg’s base salary is $1 but other income is $24.4 million - CNBC TV18 (2024)
Mark Zuckerberg holds the distinction of being Meta's lowest-paid employee, at least on paper. In 2023, his base salary was a modest $1, a stark contrast to the $379,000 median income for other employees at the tech giant, Fortune reported.
When compared to the broader tech industry, where salaries typically range from $35,000 to $120,000 depending on the role (according to Indeed), Zuckerberg's $1 salary seems even more symbolic.
However, don't let the nominal base pay fool you. Despite not taking home a bonus, Zuckerberg's compensation still amounted to millions for the company. In a proxy filing statement released before the annual shareholder meeting in May, it was revealed that the Facebook founder received $24.4 million in "other compensation", a significant portion of which covered his security expenses.
Zuckerberg's security costs, attributed to what Meta described as a "year of efficiency", have seen fluctuations. In 2023, Meta disclosed an increase in his personal security pre-tax allowance by 40%, from $10 million in 2018 to around $14 million. This news came shortly after the company laid off 11,000 employees, leading to speculation about a possible link between the two events.
Despite subsequent rounds of job cuts at Meta, Zuckerberg's spending on security has slightly decreased. In 2022, he spent $14,829,245 on personal security, including at his residences and during personal travel. In contrast, during Meta's "year of efficiency" in the following year, his security expenses totalled $9,431,139. This compensation also included nearly $1 million for the "costs related to personal usage of private aircraft."
Meta justified these substantial costs by citing "specific threats" to Zuckerberg due to his prominent role as the face of the company. They noted that negative sentiment toward Meta often gets associated with Zuckerberg personally. The company stated in the filing, "Mr Zuckerberg is one of the most recognised executives in the world, largely due to the size of our user base and our continued exposure to global media, legislative, and regulatory attention."
Regarding his salary, Zuckerberg has been part of the "dollar salary club" since 2013, alongside figures like Larry Page, Larry Ellison, and the late Steve Jobs. This club signifies individuals who receive a nominal $1 salary. Over more than a decade, Zuckerberg has earned just $11 in salary.
Despite his minimal official salary, Zuckerberg's wealth has surged. In February, his net worth increased by $28 billion in a single day following Meta's strong fourth-quarter results. Despite a year of cost-cutting measures, including the dismissal of approximately 21,000 employees, Meta doubled its operating margin to 41% and reduced expenses by 8% year over year.
According to Bloomberg data, due to Meta's successful turnaround, which is largely attributed to Zuckerberg's stake in the company, he has surpassed Elon Musk as the world's third-richest person. As of April 23, Zuckerberg's net worth is $176 billion, a substantial increase from around $78 billion a year earlier.
Mark Zuckerberg got $24.4 million in 'other compensation' in 2023—but Meta also treated staff well, with the median employee making $379,000. On paper, Mark Zuckerberg is Meta's lowest-paid employee, with a $1 salary
$1 salary
dollar-a-year man (plural dollar-a-year men) (historical) Any number of American executives who mobilized the United States for the World Wars in exchange for a salary of $1. (by extension) A man who is able to work as an executive for a below-market fee due to stock options or personal wealth.
https://en.wiktionary.org › wiki › dollar-a-year_man
His salary is $1 and follows a trend Zuckerberg established in 2013. However, the filing reveals a different story when it comes to total compensation. The $1 salary is just a sliver of Zuckerberg's total package, which came in at $24.4 million in 2023. This represents a decrease from 2022's total of $27.1 million.
CEOs are increasingly embracing this trend primarily to mitigate tax liabilities. By accepting a nominal salary, they can circumvent paying substantial sums in taxes to the government.
Meet the $1 CEO Club. It might sound uncanny, but it is true: CEOs and former CEOs from major tech companies have or had salaries of just $1. Yes, Elon Musk (Tesla), Jeremy Stoppelman (Yelp), Larry Ellison (Oracle), Meg Whitman (HP), and Steve Jobs (Apple) earn or earned paychecks of just one dollar a month.
He has since used his funds to organize multiple donations, including the establishment of the Chan Zuckerberg Initiative. His net worth as of June 13, 2024 is USD $176 billion, making him the fourth richest person in the world, behind Elon Musk, Bernard Arnault, and Jeff Bezos.
Highest Paid US CEOs: Top Salaries in 2024. In 2021, Elon Musk received the highest compensation till date as a CEO. This compensation was a mix of salary from the company and stock options awarded to him by the company. This showed the importance of a CEO to the rest of the world.
At Meta, the highest paid job is a Group Product Manager at $285,000 annually and the lowest is a Receptionist at $40,000 annually. Average Meta salaries by department include: Business Development at $112,477, Engineering at $169,047, Marketing at $107,718, and Communications at $221,380.
$1 hourly is how much per year? If you make $1 per hour, your Yearly salary would be $2,080. This result is obtained by multiplying your base salary by the amount of hours, week, and months you work in a year, assuming you work 40 hours a week.
When referring to "seven figures," this typically means an annual salary that falls between $1,000,000 and $9,999,999. This income bracket places individuals and families in a distinct financial category, generally associated with significant wealth accumulation and financial success.
A number of top executives in large businesses and governments have worked for a one-dollar salary. One-dollar salaries are used in situations where an executive wishes to work without direct compensation, but for legal reasons must receive a payment above zero, so as to distinguish them from a volunteer.
How much does a 1 Figure make? As of Jul 14, 2024, the average annual pay for a 1 Figure in the United States is $167,480 a year. Just in case you need a simple salary calculator, that works out to be approximately $80.52 an hour. This is the equivalent of $3,220/week or $13,956/month.
Facebook CEO Mark Zuckerberg. It's a pretty sure bet that almost everyone you know is using Facebook in one way or another. And it takes an army to get a site that big running smoothly.
Tesla shareholders recently approved CEO Elon Musk's $56 billion remuneration package for the second time at a crucial annual shareholder meeting, following a prior invalidation by a Delaware court earlier this year.
How much does facebook in California pay? The average facebook salary ranges from approximately $87,394 per year for Designer to $288,914 per year for Client Director. Average facebook hourly pay ranges from approximately $19.00 per hour for Call Center Representative to $103 per hour for User Interface Designer.
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