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Mark Zuckerberg spent a dizzying amount of money on this frivolous expense in 2022

On paper, Meta founder and CEO Mark Zuckerberg may pay himself the equivalent of a can of Arizona iced tea every year, but internal documents from his company he runs says that he spends far, far more on just one particular aspect of his life.Related: Mark Zuckerberg's Facebook earnings call caused Elon Musk even more pain According to the proxy statement that Meta (META) - Get Free Report filed to the Securities and Exchange Commission (SEC) on October 27, the company that runs social media platforms Facebook and Instagram paid $27.1 million in 2022 for what it calls “all other compensation” for Mr. Zuckerberg. According to the filing, Meta reasons this exorbitant cost due to the “high visibility of our company” and “the importance of Mr. Zuckerberg … to Meta.” Mark Zuckerberg, chief executive officer of Meta Platforms Inc., during the Meta Connect event in Menlo Park, Calif., on Sept. 27. Photographer: David Paul Morris/Bloomberg via Getty Images Bloomberg/Getty Images "The costs of Mr. Zuckerberg's security program vary from year to year depending on requisite security measures, his travel schedule, and other factors," Meta wrote in the filing. "The compensation, nominating & governance committee believes that these costs are appropriate and necessary in light of the threat landscape." Said $27 million also includes $2.3 million for costs related to use of his private jet, for which Meta discloses is “in connection with his overall security program,” and that such fees include unavoidable expenses like “passenger fees, fuel, crew, and catering costs.” More Technology:The company behind ChatGPT is now facing a massive lawsuitProminent EV company says latest deal will be the first of manyApple makes a big new move with Elon Musk's Twitter In a February filing with the SEC, the company previously disclosed that it would be increasing the Meta founder’s pre-tax security allowance from $10 million to $14 million. In both SEC filings dated February and April 2023, Meta argued the importance of Zuckerberg’s role to the company, as well as his request to “only receive $1” in reported compensation as contributing factors to approving the exorbitant security budget. Mark Zuckerberg (center), founder and CEO of Facebook/Meta, is seen during the UFC Fight Night event at UFC APEX on Oct. 1, 2022 in Las Vegas. (Photo by Jeff Bottari/Zuffa LLC) Photo by Jeff Bottari/Zuffa LLC In a statement to Entrepreneur, Meta representative Elana Widman echoed the same sentiment. "Maintaining Mark's safety while enabling him to go about his life with minimal disruption requires comprehensive and sophisticated resources," Widman said. "Given the important role Mark plays at Meta, we have security measures in place for him that are in the best interest of the company." Despite the huge bill to shield his person, it comes at the same time Meta is trying to shield the company and cut costs in the name of making the company more profitable in its “year of efficiency,” which was highlighted by layoffs and other cost cutting measures like giving up office space. Get investment guidance from trusted portfolio managers without the management fees. Sign up for Action Alerts PLUS now.
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TheStreet

Mark Zuckerberg spent a dizzying amount of money on this frivolous expense in 2022

Although his listed salary from Meta, Inc. is a measly $1, the Zuck spent way more last year on this.

1 viewFormato a Mensajes, 00:37