Keeping one of the most powerful men in the world safe does not come cheap.
Facebook Inc, a publicly traded company, is expecting to spend $10 million a year to keep it’s chief executive, one of the most influential, and wealthy men in the world, safe.
The cost will form a large part of Mark Zuckerbergs compensation in 2018 (the Facebook head receives a nominal $1 salary). The costs are thought to include private jet travels as well as security at properties in Palo Alto and San Francisco.
How does it compare to other CEO’s?
The costs far outweigh those of similar executives in similar positions. The security arrangements for Jeff Bezos, founder of Amazon who recently dethroned Bill Gates as the richest man alive, cost $1,600,000. For Lloyd Blankfein, CEO of Goldman Sachs one of the most prestigious institutions on Wallstreet security spending was $63,056 most of it on a car or driver for security.
Why does it cost so much
Security for high-level executives is often contracted to, sophisticated security companies, comprised of individuals with vast security experience often working in the secret service or having spent years working for some of the biggest intelligence agencies, including the CIA and the FBI. Many of these executives will require 24/7 bodyguards. These bodyguards will often command six-figure salaries Christopher Falkenberg, founder of Insite Security, and a former secret service agent, said to Bloomberg. Furthermore, these bodyguards often work in teams of up to 10 people. This naturally leads to a hefty security bill.
Facebook paid for security upgrades to his house’s with a number of security features. It is not unusual for personal residences of business titans to include motion sensors , cameras with face recognition, safe rooms, bullet proof windows, reinforced doors , and various intrusion detection systems such as pressure pads and buried cables. Security packages containing combinations of these can often cost upwards of a million dollars.
Executives who travel a lot also face higher costs. Mark Zuckerberg has recently challenged himself to visit all the states he has not before. Stopping at schools, dining with families in Ohio and visiting factories. He naturally required a security presence accompanying him.
More visible man:
Mark Zuckerberg has also been a lot more visible recently defending his company and weathering the fall out from the data breach scandals which have shaken Facebook and caused it lose almost $120 billion in market value the biggest single day drop in market value by a company. Mr. Zuckerberg may be the target of people who resent Facebook in addition to the usual threats which someone worth $77 billion may face such as kidnapping , extortion or terrorist attacks.
Facebook’s CEO was recently dragged into the limelight as revelations that Facebook had been instrumentalised in a Russian-led campaign that sought to bolster Donald Trump’s election chances made the news. The scandal revealed that the ,now defunct, political consultancy Cambridge Analytica collected, harvested and sold data which was then used in targeted ads which sought to tip the scales towards Donald Trump. the then Republican Nominee.
As a result of the scandal, the Facebook CEO had to testify before congress and answer questions from congressmen regarding the way Facebook worked and the steps Facebook had taken to ensure that such a scandal would not happen again.
Recently it has transpired that Facebook had granted access device makers like Samsung , apple and blackberry which enabled them to gather data on their users and their friends.
The backlash from the scandals and general dissatisfaction with Facebook could have led the Silicon Valley company to increase security spending for its CEO as a precaution. In a regulatory filing , Facebook said it had increased spending on security of its chief executive “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.”