Mark Zuckerberg’s Meta permitted large bonuses for executives — days after the tech big laid off about 4,000 employees.
In a company submitting on Thursday, Meta mentioned it permitted “an increase in the target bonus percentage” for its annual bonus plan.
The corporate’s executives might now earn a bonus representing 200% of their base wage, up from 75%, in line with the submitting.
Zuckerberg — the world’s second richest particular person behind Elon Musk with a web price of $245 billion, in line with the Bloomberg Billionaires Index — is excluded from the up to date bonus plan, the submitting famous.
Meta didn’t instantly reply to a request for remark.
The adjustments have been permitted on Feb. 13 after a committee for Meta’s board of administrators discovered that the full goal compensation for executives “was at or below the 15th percentile” in comparison with figures at rival corporations.
“Following this increase, the target total cash compensation for the named executive officers (other than the CEO) falls at approximately the 50th percentile of the Peer Group Target Cash Compensation,” the submitting mentioned.
Simply days previous to the bonus change, Meta began shedding roughly 5% of its workforce, focusing on low-performers. Zuckerberg earlier mentioned he “decided to raise the bar on performance management.”
Meta additionally lately slashed its inventory awards for staffers, in line with the Monetary Occasions.
The tech big diminished its annual distribution of inventory choices by about 10% for 1000’s of staffers, in line with the report.
The adjustments might fluctuate primarily based on the place employees dwell and their function on the firm, the report mentioned.
Meta shares have soared 48% over the previous 12 months as the corporate has made large bets on synthetic intelligence.
The corporate lately mentioned it plans to spend $65 billion this yr on AI and robotic developments.
In January, Meta mentioned its fourth-quarter income jumped 21% from the yr earlier than to $48.39 billion.
Investor sentiment round Meta, and its tech rivals, has improved as Zuckerberg and different billionaire executives have grown nearer to President Trump.
Zuckerberg final month attended the inauguration, alongside Tesla boss Elon Musk, Amazon founder Jeff Bezos and Alphabet CEO Sundar Pichai.
Tech giants have been hoping for extra relaxed regulatory oversight beneath the Trump administration.
