: Mark Zuckerberg’s total 2022 pay rose because of the increased use of private aircraft

Facebook parent Meta Platforms CEO Mark Zuckerberg's total compensation rose above $27 million because of the increased use of private aircraft. Read More...

Meta Platforms Inc. founder and Chief Executive Officer Mark Zuckerberg didn’t get a pay raise or receive a bonus last year, but his total compensation rose above $27 million all because of the increased use of private aircraft.

In Facebook-parent Meta’s 2022 proxy statement, the social-media and metaverse company said Zuckerberg‘s base salary remained at $1, the same as in 2021 and 2020.

And once again, he didn’t receive a bonus or any stock awards.

Meta’s stock META, -1.19% tumbled 64.2% in 2022, while the S&P 500 index SPX, +0.33% fell 19.4%. In 2021, Meta’s stock rose 23.1% while the S&P 500 gained 26.9%.

Meanwhile, Zuckerberg’s total compensation for 2022 rose to $27.11 million from $26.82 million in 2021 because of an increase in “all other compensation.”

That included $14.82 million for personal security at Zuckerberg’s residences and during personal travel, which was down $275,758 from $15.20 million the year before. It also included $10 million to cover costs of additional security related to Zuckerberg’s and his family’s personal security.

All other compensation also included an increase of $653,215 in compensation for costs related to personal use of private aircraft, to $2.28 million in 2022 from $1.63 million in 2021.

“[M]r. Zuckerberg uses private aircraft for personal travel in connection with his overall security program (including, beginning in 2022, a private aircraft that is indirectly and wholly owned by Mr. Zuckerberg and operated by an independent charter company),” the proxy statement stated. “On certain occasions, Mr. Zuckerberg may be accompanied by guests when using private aircraft.”

The costs for use of private aircraft include passenger fees, fuel, crew and catering costs, as provided by the charter company.

The median annual total compensation of all of Meta’s employees, outside of Zuckerberg, for 2022 rose to $296,320 from $292,785 in 2021, so the CEO pay ration fell to 91-to-1 from 92-to-1.

Meta’s stock, which 1.2% to $218.86 on Monday, has soared 81.9% since the start of the year.