Yesterday, after Facebook took a massive faceplant, Facebook Chairman Mark Zuckerberg lost 16.8 billion in minutes…
According to Reuters, Facebook’s plummeting stock price wiped out about $150 billion in market capitalization in under two hours.
According to Yahoo Finance, Facebook has approved a $10 million annual pre-tax allowance to amplify security for CEO Mark Zuckerberg and his family.
The allowance, announced in an SEC filing on Thursday, increases Facebook’s security spend on Zuckerberg from $7.3 million last year.
“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 disclosed it would pay Zuckerberg the allowance, which he can use to pay for security personnel, equipment, services, residential improvements and more.
The social media company said it took into account Zuckerberg’s “position and importance to Facebook,” as well as his salary, which was just $1 last year.
“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 SEC filing said.
COO Sheryl Sandberg also has an authorized security program, which amounted to $2.7 million last year.
Isn’t it just a bit hypocritical for Facebook to spend $10 million per year protecting Mark Zuckerberg and his family, given Zuckerberg’s criticism for President Trump and his commitment to building a border wall that would protect every day Americans from the threat of criminals crossing our borders illegally?
On April 12, 2016, Facebook CEO Mark Zuckerberg told attendees of Facebook’s annual developers conference that they should concentrate on building bridges rather than walls, an apparent reference to Republican presidential candidate Donald Trump’s calls to build a wall at the U.S.-Mexico border.
Zuckerberg told the packed room: “I hear fearful voices calling for building walls,” adding “Instead of building walls, we can help people build bridges.”
Appearing on CNBC, Trump spokeswoman Katrina Pierson painted Zuckerberg as an insulated billionaire who doesn’t understand the danger posed by illegal immigration.
“I think I’ll take Mark Zuckerberg seriously when he gives up all of his private security, move out of his posh neighborhood and come live in a modest neighborhood near a border town,” Pierson said Wednesday. “And then I’m sure his attitude would change.”
Later on Wednesday, Pierson was asked on CNBC whether her critique of Zuckerberg as a privileged CEO who has private security and a safe mansion couldn’t also apply to Trump.
“Yeah, but Donald Trump isn’t the one that’s saying we shouldn’t build a wall and we shouldn’t protect everyone else,” Pierson said.
“Mark Zuckerberg talked about hope over fear,” Pierson said. “That doesn’t save lives.”