Meta is approving an increase in executive bonuses following staff cuts of about 5% or 3600 workers. That's according to an FCC filing, the tech giant raising its target bonus percentage for certain executives from 75% of their base salary to 200% of their base. That'll begin this year. The filing did not include Meta's CEO Mark Zuckerberg, and this comes as the Financial Times reports that Meta is reportedly cutting stock options for staff by about 10%, and again after those layoffs earlier this year, a very small proportion of the staff about 5%, and David Kelly from JP Morgan talked about this idea that you see a lot of the big tech firms instituting layoffs in the beginning of the year, perhaps around the time of year that people are having conversations about raises. You can kind of prevent the rest of the staff from increasing their raises and their salaries by instituting layoffs and inciting concern about the company's financial well-being, and that is partially why we do tend to get a lot of layoff news early in the year, but it's certainly interesting context when you are announcing increased bonuses to executive staff after cost cuts for the rest of the group.

It is. It is, but I also think you could justify it, right? When you take a look at the outperformance of Meta and how far and how fast that stock has come here over the last 12 months and even since the start of the year, we talk about the fact that much of the MAG 7 has been losing its momentum, but when you take a look at Meta and the contribution that it has made here to the S&P's gains since the start of the year, it has been able to keep up some of that excitement. So again, when you take a look at the higher payouts, especially on the back of such a massive year here for the company, of course, that then helps them justify that over the last month alone. You're looking at gains of just about 13%, but again going back just a little bit longer there, you'll really see the staggering gains that we've seen over the last year. So for this up here, you're looking at gains of just about, let's see, 49%. Five years, you're looking at significant gains. Year to date, you're looking just around 20%.