Kirsters Baish| It was just reported that Facebook spent around $9 million on private jets and personal security in 2017 alone for CEO, Mark Zuckerberg. The most interesting part? A Securities and Exchange Commission (SEC) filing that was released on Friday proves that the social media giant website’s founder and CEO only reported his salary as $1.
The multibillionaire claims to have taken in $1 in salary and no stock for the year of 2017, but the corporation announced that they dished out $8,9 million on security at his residence and during time period where he was traveling. This also includes “personal usage of private aircraft.”
The filing reported that Facebook paid $7.3 million for private security and $1.5 million for private air travel for the CEO last year. Compare this amount to the $5.8 million that was spent on Zuck’s security back in 2016. There is a massive difference.
The filing reads, “Because of the high visibility of our company, our compensation & governance committee has authorized an ‘overall security program’ for Mr. Zuckerberg to address safety concerns due to specific threats to his safety arising directly as a result of his position as our founder, Chairman, and CEO.”
“We require these security measures for the company’s benefit because of the importance of Mr. Zuckerberg to Facebook, and we believe that the costs of this overall security program are appropriate and necessary,” it goes on.
Think about this. The median salary for the average Facebook employee, which doesn’t take contractors or workers who are employed by a third party into account, was $240,430 last year, according to the filing.
In 2017, the highest paid executive at the company was Sheryl Sandberg. She was compensated with a package that totaled $25.2 million.
Although Mark Zuckerberg only reported making $1 in salary last year, he has a lot of Facebook shares. CNBC reported that the founder and CEO has $66 billion worth of shares in his own social media company.
During a hearing before the Senate judiciary and commerce committees this month, the Facebook executive was not able to name one competitor to his social media platform when Republican Senator Lindsey Graham questioned if the website works as a monopoly. He asked Zuckerberg, “Whose your biggest competitor?”
Zuckerberg paused, looking nervous, before naming Apple, Google, Amazon, and Microsoft. He stated that these were other big tech companies who were “overlapping” with Facebook in certain ways.
Senator Graham continued to nudge Zuckerberg to talk more about whether or not these other tech companies provide the same services that Facebook does. Graham used an example from the automotive industry saying, “If I buy a Ford, and it doesn’t work well, and I don’t like it, I can buy a Chevy. If I’m upset with Facebook, what’s the equivalent product I can go sign up for?”
Then, Zuckerberg tried to compare Facebook to applications that users are accessing as an alternative to Facebook.
“The average American uses eight different apps to communicate with their friends and stay in touch with people,” he claimed.
In response to Graham’s question as to whether or not Zuckerberg believed that Facebook was a monopoly, Zuckerberg answered, “It certainly doesn’t feel like that to me.”