Meta reportedly spent $27 million in 2021 for the security of Facebook CEO Mark Zuckerberg. The company claims that the amount is necessary as the CEO is the face of the social media platform. At the same time, Zuckerberg faces specific threats as a result of his position.
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$27 Million in Security Services For Mark Zuckerberg
In a Securities and Exchange Commission filing, Meta reported that the company spent $27 million in 2021. Meta used the funds to provide security for Facebook CEO Mark Zuckerberg and his family.
The company earmarked the amount for its self-described “overall security program” for the CEO.
Specifically, the budget included a $15.2 million expense for Zuckerberg’s “personal security” at his residences. Additionally, it also covered security expenses during his personal travels.
Moreso, the budget also includes an additional $10 million for other security-related costs for Zuckerberg, his wife Priscilla Chan, and their children.
The remaining balance of the $27 million budget covered the CEO’s security for his private air travels.
Security Necessary Due To ‘Specific Threats’
In the filing, Meta disclosed that CEO Mark Zuckerberg requires the heightened security expenses as he faces “specific threats”.
His high-profile status as the CEO, chairman, and largest shareholder of a popular social media company.
“We believe that Mr. Zuckerberg’s role puts him in a unique position: he is synonymous with Meta,” the filing justified. “As a result, negative sentiment regarding our company is directly associated with, and often transferred to, Mr. Zuckerberg.”
The filing added that Zuckerberg is one of the more well-known executives in the world. Facebook’s huge user base and continued exposure to global media make him a very recognizable face.
The previous year, Meta only spent $23.4 million on their leader’s security costs. Zuckerberg’s annual security budget holds the bulk of Zuckerberg’s annual compensation.
He only receives $1 in base salary and does not collect any stock-based awards or bonuses. Still, the Facebook founder and CEO holds an estimated fortune of $78 billion according to Forbes.
Meta’s Security Budget for Zuckerberg Among The Highest Among Executives
Even as other blue-chip companies spend enormous sums of money providing security detail for their executives, Zuckerberg’s budget puts other tech titans to shame.
In contrast, Amazon only spent a paltry $1.6 million last year for founder and chairman Jeff Bezos’ security.
Meanwhile, Apple bankrolled $630,630 in security costs for its CEO Tim Cook. In addition, the company also forked $712,488 for his personal travel expenses.
Also, Meta is famous for courting controversy over the years. Many people and organizations call out the company for its questionable business practices, especially in handling user data.
A recent backlash involved an ex-employee who turned whistleblower. In particular, Former employee Frances Haugen accused Facebook of prioritizing profits over safeguarding content shown to users.
Meta also reported a decline in active users last year, the first time it happened. Consequently, stock prices plummeted. Zuckerberg himself lost $7 billion in net worth in a single day.
Watch the Simply Tech video giving a glimpse of A Day In The Life of Mark Zuckerberg:
What do you think of a $27 million security budget for Mark Zuckerberg and his family? Also, do you think this might seem too extravagant, considering his contributions to society? Or, do you think this is just right given his role?
Tell us what you think. Share your comments below.
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