- Tram Ho
The cost of protecting high-tech company executives is rising even as movement is restricted due to the epidemic. A new analysis of the costs of Silicon Valley giants shows they spent $46 million protecting their tops last year. Of that, $23.4 million was spent on personal security by Facebook CEO Mark Zuckerberg, up from $20.4 million in 2019, Protocol reports.
The market analysis firm attributed the extra fees to new COVID-19 prevention procedures and additional election protections. This includes a $10 million pre-tax allowance and an additional $13.4 million for the Facebook founder’s personal security.
As a result, Zuckerberg has left everyone else on the list, including the world’s richest man, Jeff Bezos, who paid $1.6 million in privacy costs, meaning Zuckerberg’s costs are twice as high. 14.6 times Bezos. This shows how cautious Facebook is, the company’s COO Sheryl Sandberg came in second with a $7.6 million protection fee in 2020.
The huge amounts of protection reflect the growing importance of technology market leaders, alongside the booming market capitalizations of the companies they manage, which provide universal services. Fame inevitably brings unwanted attention.
Facebook has been accused of everything from polarizing the public to spreading misinformation about vaccines. The company previously noted in the SEC filing that Zuckerberg received a lot of negative reactions around. In April, Facebook noted that its annual reviews “identified specific threats to Zuckerberg”.
Other technology leaders have also suffered on the security front. In 2020, it was revealed that Bezos’ phone had been hacked via WhatsApp two years earlier, likely by Saudi Crown Prince Mohammed bin Salman.
The list of security expenses includes a total of 11 individuals. In third place is Google’s Sundar Pichai ($5.4 million in protection costs); followed by Lyft co-founder and president John Zimmer ($2.06 million); Oracle’s Larry Ellison ($1.71 million); Snap’s Evan Spiegel ($1.67 million); Jeff Bezos and Salesforce boss Marc Benioff ($1.31 million); Uber’s Dara Khosrowshahi ($849,000); Lyft CEO Logan Green ($599,000) and Apple’s Tim Cook ($470,000).
Source : Genk