Economy

FB spent $20mn on Zuckerberg's security in 2018

FB spent $20mn on Zuckerberg's security in 2018”

The company said Zuckerberg received almost $10 million in 2018 for his standard personal security, plus an additional pre-tax allowance of $10 million, new this year, 'to cover additional costs related to Mr. Zuckerberg and his family's personal security.

The move comes less than three years after Hastings told fellow board member Peter Thiel that he meant to slam the PayPal co-founder's performance review over his endorsement of President Donald Trump, who was in the heat of the 2016 campaign at the time.

Also, former White House chief of staff Erskine B Bowles, who is also president emeritus of the University of North Carolina, who has been a board member since 2011 as well, will also be stepping down from Facebook's board at the same time.

As TechCrunch notes, the CEO only receives an annual salary of $1 and does not earn an annual bonus. However, Zuckerberg's total compensation jumped from $9.1 million in 2017 to $22.6 million in 2018 in order to cover the increase in security costs for the high-profile CEO.

More news: Uber sets course for IPO, but prospectus shows slowing growth

Hastings offered to resign in 2016 following his flare up with Thiel but CEO Mark Zuckerberg refused the offer. About $2.6 million of the $20 million were 'for costs related to personal usage of private aircraft.

The company is entering the second year of a seemingly non-stop series of scandals. Again, 2018 was an incredibly rough year for Facebook riddled with a handful of privacy scandals kickstarted in March by the Cambridge Analytica scandal, in which a political consultancy firm obtained private and sensitive information of more than 80 million accounts to target them political ads. Those events have drawn a large amount of exposure for the company and its 34-year-old co-founder.

"Mr Zuckerberg is one of the most-recognized executives in the world, in large part as a result of the size of our user base and our continued exposure to global media, legislative, and regulatory attention", the filing reads.

He was given an extra $10 million for his family's security.



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