SEC filings for Meta show that the Facebook founder’s security costs jumped by $1.6m between 2020 and 2021.
Being the CEO of one of the most valuable companies in the world is difficult and expensive.
According to a company filing with the Securities and Exchange Commission, Mark Zuckerberg’s expense for maintaining his family’s security and using private aircraft for trips in 2021 was slightly under $27 million (SEC).
The $26.8 million that Meta allocated for the tech billionaire’s security and travel detail represents an increase from prior years, when it was $25.2 million in 2020 and $23.4 million in 2019.
The document does not specifically lay down what protection Mr. Zuckerberg and his family will receive under the security, which will include safeguards for his wife, Priscilla Chan, and their two children, Maxima, 6, and August, 5.
However, it also highlight that $15.1 million of the approximately $27 million was earmarked for the Facebook founder’s personal security at his homes and when he traveled for business.
For the personal protection of Mr. Zuckerberg’s family, an additional annual pre-tax allowance of $10 million was employed.
The petition states that the other monies, totaling around $1.6 million, were “connected to personal use of private aircraft.”
According to the document, Mr. Zuckerberg’s personal travel expenses have noticeably decreased recently. It reached a total of $1.8 million in 2020 and $2.9 million in 2019.
The company explains that the security compensation package for the Meta chief is required due to the “high visibility of our company” and that it is set up to “address safety concerns due to specific threats to [Mr. Zuckerberg’s and Sheryl Sandberg’s] safety,” which, according to the company, have arisen from their highly visible positions as CEO and COO, respectively.
The study says, “We conclude that the scope and expense of these security operations are acceptable and required.
According to us, Mr. Zuckerberg occupies a special position because of his affiliation with Meta. As a result, any disapproval of our business is frequently and directly attributed to Mr. Zuckerberg.
One of the most well-known executives in the world, the study calls the Meta CEO, stating that this is “in great part due to the scale of our user base and our constant exposure to worldwide media, legislative, and regulatory attention.”
The amount spent by Meta on its chief executive’s personal security eclipses that of other major tech companies.
For instance, The Daily Beast said that Amazon, which is currently the fifth most valuable company in the world based on market worth, spends roughly $1.6 million year to protect Jeff Bezos, which is comparable to the amount Zuckerberg spent on personal travel in 2021.
And despite being the most valuable business in the world by market valuation and coming in first place among a group of six tech giants with a combined value of more than $1 trillion, Apple only spent $310,000 on CEO Tim Cook’s personal security.