(Bloomberg) — The cost of keeping Mark Zuckerberg secure continues to rise for Meta Platforms Inc., far outpacing what similar tech companies with high-profile executives spend.
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World Leaders At Munich Security Conference
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 regulatory release recent. 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.
In total, the company paid a security amount of $26.8 million for Zuckerberg, 37, and his family last year, a 6% increase from 2020. The statement attributes the higher costs to personal travel. frequent, the protocols related to covid-19 and the increases in the market for security personnel. The settlements comprise almost all of his compensation, as he receives an annual salary of $1 and receives no bonuses or stock compensation.
Zuckerberg’s security costs in 2021 far exceed those of his peers whose data is publicly available. Amazon.com Inc., for example, spent $1.6 million protecting Chairman Jeff Bezos last year, while Tesla Inc. does not disclose any security costs associated with CEO Elon Musk.
Zuckerberg is “synonymous” with Meta amid increased media, legislative and regulatory attention, according to the document, which says that “negative perception regarding our company is directly associated with Mr. Zuckerberg and is often transferred to the”.
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 COO 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.
original note:
Zuckerberg’s Security Costs Went Up as Meta Came Under Fire
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