Nick Clegg pockets £10m bonus for Facebook promotion Business

Sir Nick Clegg received shares in Facebook’s parent company worth nearly £10million alongside his recent promotion, according to reports.

The former deputy prime minister and head of global affairs at Meta received a package of shares worth $12.3m (£9.4m), Bloomberg reported.

The exceptional prize, which is in addition to his annual salary, would be close to the total value of the Meta shares he had previously received since joining the company three years ago.

Sir Nick was previously reportedly paid £2.7million a year.

He was elevated last month to Meta’s top brass alongside chief executive Mark Zuckerberg and chief operating officer Sheryl Sandberg, and tasked with the social media giant’s thorniest policy decisions.

Sir Nick led Meta’s response to the crisis in Ukraine, including blocking Russian state broadcasters RT and Sputnik in Europe and the UK, and changing Facebook rules to allow Ukrainians to call the violence against Russian soldiers.

Facebook and Instagram were blocked in Russia in retaliation for the company’s response to the invasion.

Sir Nick lives close to the company’s Silicon Valley headquarters in Atherton, California, dubbed America’s most expensive postcode, in a home worth nearly £7million.

A $12.3 million package would still undercut some of Meta’s top executives. Ms Sandberg was paid nearly $25 million last year, while Chris Cox, the company’s chief product officer, received nearly $70 million.

Mr. Zuckerberg, who earns a salary of $1 a year, has a fortune of $73 billion thanks to his 13% stake in Meta.

Sir Nick agreed to join Facebook in 2018 after losing his seat at Sheffield Hallam in the 2017 election, talking to Mr Zuckerberg and Ms Sandberg over dinner at Mr Zuckerberg’s home. He said he didn’t plan to spend five more years in California, saying he was a “European at heart”.

Sir Nick’s recent promotion means Meta may have to disclose his salary in the coming weeks when the company releases a report to shareholders ahead of its annual meeting.

Meta declined to comment.

More about this article: Read More
This notice was published: 2022-03-16 17:59:52

Leave a Reply

Your email address will not be published. Required fields are marked *