Facebookhas approved a $10million allowance to beef up Mark Zuckerberg’s family security.
The million-dollar pre-tax allowance is a jump from last year’s $7.3million allocated for home security, body guards, and private air travel the biggest sum ever for a Fortune 100 company CEO according to research firm.
The allowance, which was announced in a Securities and Exchange Commission filing on Thursday, was boosted ‘to address safety concerns due to specific threats’.
‘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,’ Facebook wrote in a filing.
Facebook will pay Zuckerberg the pricey allowance for him to allocate accordingly for security, residential improvements, and equipment.
The company added it considered Zuckerberg’s ‘position and importance to Facebook’ in establishing the allowance, as well as his salary, which was just $1 last year.
The $10million amount is the most Facebook has allocated for Zuckerberg’s security. In 2015 his security cost $4,256,004.
‘The Committee believes that this allowance, together with the costs of Mr. Zuckerberg’s existing overall security program, are appropriate and necessary under the circumstances,’ the filing from Thursday said.
The allowance was announced the same day Facebook’s stock market value plunged 19 per cent, wiping $119billion off the company’s value and docking $12billion off Zuckerberg’s personal fortune in less than 24 hours.
Pictured running in Berlin surrounded by guards