The embattled Meta is facing hardships at every turn. Mark Zuckerberg’s once-thriving empire needs to tighten the purse strings, thanks to lawsuits and slipping relevancy in the social media market. At the same time, the company must invest in emerging tech that will reinvigorate its virtual reality offerings. However, Meta thinks spending another $4 million on Zuckerberg’s personal security is a top priority.
Via PC Mag, Meta Platforms, Inc.’s SEC Form 8-K filing states that the committee granted Zuckerberg a $10M allowance in 2018 to be used exclusively for “his and his family’s personal security.” As of February 9th, 2023, this annual pre-tax allowance is going up an additional $4M.
While Meta does not state specifics as to why the founder of Facebook/Meta requires this level of security, the filing mentions the massive budget is “due to specific threats to his safety arising directly as a result of his position.” Although I do not doubt he and his immediate family receive threats since Meta has been caught in several scandals throughout the years. Recently, the company had to pay a $725M settlement because of a privacy lawsuit. In addition, last year, cost-cutting measures were announced along with hiring freezes.
Interestingly, the committee believed the security budget increase was a fair idea since Zuckerberg only takes in a $1M annual salary:
“On February 9, 2023, the Committee approved increasing this annual pre-tax allowance to $14 million, effective immediately. In approving this increase, the Committee considered Mr. Zuckerberg’s position and importance to Meta 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.”
I’d like to believe that the CEO of Meta indeed spends over ten million on personal security, but I’d like to see the receipts. Does this include security personnel? From personal experience, even the most expensive home security system, including cameras, access control, and intrusion detection, would only cost a fraction of that newly approved budget.[Source: PC Mag]
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