Facebook has granted its CEO, Mark Zuckerberg, a $10 million pre-tax allowance to help him boost his family’s security. The information was found in the company’s SEC filing on Thursday. The allowance for his family’s security is up from an already huge $7.3 million that he was allotted in 2017. The SEC filing goes into some of the details regarding what Zuckerberg is acquiring with all that money.
Describing how the money will be used, Facebook said:
“This allowance will be in addition to the continued funding of Mr. Zuckerberg's overall security program to cover the costs of security personnel for his protection; the procurement, installation, and maintenance of certain required security measures for his residences; and the usage of private aircraft for personal travel.”
The Compensation & Governance Committee (the Committee) at Facebook said it believed the allowance was necessary after taking into account his overall security programme and his salary; the latter was $1 last year – a seemingly popular income for the super rich. On an interesting side note, the security bill for Mr. Zuckerberg has gone up $5.8 million since 2015, a more than 50% rise in the allowance.
In the statement from Facebook, the Committee stated that it regularly reviews Zuckerberg’s security programme and its costs. The fluctuating costs are blamed on the “requisite security measures, Mr. Zuckerberg’s travel schedule, and other factors.”
Let us know in the comments how much you think Zuckerberg’s security bill will come to next year and we’ll see in about a year who was closest.