Running a company with a market capitalization of over $100 billion is not an easy or cheap job.
According to a filing with the Securities and Exchange Commission, Mark Zuckerberg will owe just under $27 million in 2021 to cover the costs of protecting him and his family and flying on private jets (SEC).This year, Meta spent $26.8 million on the security and travel detail for the tech billionaire, compared to $25.2 million and $23.4 million in 2020 and 2019, respectively.
It is unclear from the filing how much security Mr. Zuckerberg and his family, including wife Priscilla Chan and their two children Maxima, 6, and August, 5, will receive.
Facebook CEO Mark Zuckerberg's personal security at both his homes and when he travels was accounted for $15.1 million of the nearly $27 million.
Additionally, Mr. Zuckerberg and his family received a $10 million pre-tax yearly allowance to cover personal security costs.
The remaining $1.6 million was "related to personal use of private aircraft," according to the filing.A decrease in Mr Zuckerberg's personal travel expenses has been noted in recent years, according to the filing. While it was $2.9 million in 2019 and $1.8 million in 2020, it is expected to decrease.
The company explains that the security compensation package for Meta's CEO is necessary because of the "high visibility of our company" and that its set up is intended to "address safety concerns due to specific threats to [Mr Zuckerberg's and Sheryl Sandberg's] safety," which they say have arisen as CEO and COO respectively due to their highly public positions.
We believe that these security programs are appropriate and necessary," says the report.
When people have bad feelings about our company, they often attribute it to Mr. Zuckerberg's role as the "symbol of Meta," which puts him in a particularly precarious position.
The Meta CEO is described in the report as "one of the most-recognized executives in the world," and this is "in large part due to the size of our user base and our ongoing exposure to global media, legislative, and regulatory attention."Meta's chief executive officer's personal security budget is astronomical in comparison to those of its competitors in the large tech sector.
It's estimated that Amazon, the fifth-largest company in the world by market capitalization, spends $1.6 million a year on protecting CEO Jeff Bezos – the same amount Facebook spent on personal travel in 2021.
Although its market capitalization places it atop a group of six tech giants worth more than $1 trillion, Apple spent only $310,000 on personal security for CEO Tim Cook.
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