Although his official salary remained unchanged, his total compensation for the year amounted to $24.4 million.
Meta Platforms CEO Mark Zuckerberg, known for his nominal $1 salary since 2013, was ranked the world's fourth-richest person in 2023. Although his official salary remained unchanged, his total compensation for the year amounted to $24.4 million, increasing his net worth by $84 billion (Rs 70105 lakh crore).
Joining the league of tech titans like Larry Page, Larry Ellison and the late Steve Jobs, Zuckerberg's symbolic $1 salary underscores his focus on long-term growth and shareholder value.
A significant portion of Zuckerberg's compensation, approximately $14 million, was allocated for personal security, with an additional $1 million earmarked for expenses related to his private aircraft usage, as disclosed in a filing with the Securities and Exchange Commission (SEC).
Despite a temporary setback following Meta's earnings report in April 2023, which led to a $22 billion decline in his net worth, Zuckerberg retained his position as the fourth-richest person globally, which is way ahead his friend and Indian billionaire Mukesh Ambani's net worth. Zuckerberg's fortune primarily comes from owning approximately 345 million Class A and B shares in Meta.
While Zuckerberg's compensation remains modest, the average Meta employee earns significantly more, with an average annual salary of $379,000, as reported by Fortune magazine.
Born on May 14, 1984, Zuckerberg founded Facebook in 2004 from a Harvard University dorm room. Under his leadership, Facebook evolved into the world's largest social network, boasting 3.7 billion monthly users and generating $117 billion in revenue in 2022.
As a strategic move, Zuckerberg secured a 13% stake in Meta Platforms, formerly known as Facebook, following a $500,000 angel investment from venture capitalist Peter Thiel in 2004. Rejecting a $1 billion acquisition offer from Yahoo in 2005, Zuckerberg steered Facebook towards its monumental IPO in 2012.
In subsequent years, Facebook expanded its portfolio through strategic acquisitions, notably acquiring WhatsApp in 2014 for $19 billion, marking its largest acquisition to date. Renamed Meta Platforms in 2021, the company encompasses Facebook, Instagram, and WhatsApp, boasting a market capitalization of $962.38 billion and ranking as the seventh-largest global company.
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