Facebook | Meta spends more than $15.2 million on CEO Zuckerberg’s security | ECONOMY

The cost of keeping Mark Zuckerberg secure continues to rise for Meta (Facebook), far outpacing what similar tech companies with high-profile executives spend.

The social media giant, formerly known as Facebook, spent more than $15.2 million in 2021 on costs related to protecting its CEO at his various homes and during personal travel, according to a recent regulatory release. That doesn’t include another $10 million Zuckerberg was given as a pre-tax allowance for the safety of his family, as well as $1.6 million for the use of a private plane for personal travel.

Increase

In total, the company paid a $26.8 million security fee for Zuckerberg, 37, and his family last year. an increase of 6% compared to 2020. The statement attributes the higher costs to frequent personal travel, protocols related to COVID-19, and increases in the market for security personnel.

The settlements comprise almost all of his compensation, since he receives an annual salary of $1 and receives no bonuses or stock compensation.

more than the others

Zuckerberg’s security costs in 2021 far exceed those of his peers whose data is publicly available. Amazon.com for example, it spent $1.6 million protecting President Jeff Bezos last year, while Tesla does not disclose any security costs associated with CEO Elon Musk.

Zuckerberg it”synonymous” of Meta amid increased media, legislative and regulatory attention, according to the document, which says that “negative perception regarding our company is directly associated with, and often transferred to, Mr. Zuckerberg”.

In the past year, the company has been under scrutiny for the publication of internal documents by whistleblower Frances Haugen suggesting that Facebook prioritizes profits over content moderation.

Meta also pays for the security of other senior leaders, including nearly $9 million in 2021 to protect chief operating officer Sheryl Sandberg. That doesn’t include $2.3 million from Sandberg’s use of private planes for personal travel.

From 2022 onwards, the company will also cover Zuckerberg’s personal travel on a plane owned and operated by a charter company.