Facebook has spent more than $23 million to guarantee Mark Zuckerberg’s security in 2020, as revealed by a SEC filing this week.
“Negative sentiment regarding our company is often transferred to Mr. Zuckerberg”
A new filing with the Securities and Exchange Commission shows that Facebook spent more than $23 million in 2020 to guarantee CEO Mark Zuckerberg’s security. Facebook explains its company security “identified specific threats to Mr. Zuckerberg.”
“He is synonymous with Facebook, and as a result, negative sentiment regarding our company is directly associated with, and often transferred to, Mr. Zuckerberg,” a proxy statement explains of the Facebook CEO’s role.
The filing shows that the costs of protecting Mark Zuckerberg and his family increased in 2020 mainly due to COVID-19 related travel protocols, increased security needs during the 2020 US elections “and other periods with increased security risk,” as well as rising costs for security personnel.
The base security costs for Mark Zuckerberg have risen from $13.4 million in 2019 and $10.4 million the year prior.
The proxy statement also explains that Mark Zuckerberg also received an additional $10 million to cover extra security personnel and other security costs as seen fit by Zuckerberg himself.
“The compensation, nominating & governance committee believes that these costs are appropriate and necessary in light of the threat landscape and the fact that Mr. Zuckerberg has requested to receive only $1 in annual salary and does not receive any bonus payments, equity awards, or other incentive compensation,” according to the proxy statement.