Facebook approves $10m to protect Zukerberg in 2018 – Business

Facebook approved $ 10 million to protect its founder, Mark Zuckerberg, on Tuesday, July 24, 2018 – the day before he lost $ 16.8 billion in almost two hours, when his shares fell.

In a report, Yahoo Finance, the social networking giant, approved $ 10 million in annual security costs for Mark Zuckerberg and his family.

Facebook announced an increase in prepayment premiums for Zuckerberg in the SEC filing on Thursday, July 26, 2018.

It was further reported that the 34-year-old American technology entrepreneur can spend money on his bodyguards, security measures for their homes and private jets.

ALSO READ: Mark Zuckerberg lost $ 16.8 billion in 2 hours

Here is the link to Facebook:

"As previously reported, the Remuneration and Management Committee (Committee) of our Board of Directors authorized a common security program for Mark Zuckerberg to address security problems due to specific threats to its security, arising directly from his position as Facebook founder, Chairman and CEO.

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Mark Zuckerberg

(Flash News)

“We demand security measures to benefit the company because of the importance of Mr. Zuckerberg for Facebook.

“The committee regularly reviews Mr. Zuckerberg’s safety program and related costs, which vary from year to year depending on the necessary security measures, Mr. Zuckerberg’s travel schedule and other factors.

"On July 24, 2018, the Committee approved an annual grant in the amount of $ 10 million. US Z. Zuckerberg to cover the additional costs associated with the personal safety of his and his family.

This manual will be in addition to the continued funding of Mr. Zuckerberg’s overall security program to cover the cost of security personnel to protect him; procurement, installation and maintenance of certain necessary security measures for his residences; and the use of private jets for personal travel.

This allowance will be paid to Mr. Zuckerberg minus the necessary tax withholdings, and Mr. Zuckerberg can use the net proceeds to pay for additional staff, equipment, services, home improvement or other safety-related expenses."

ALSO READ: Zuckerberg lost $ 16.8 billion more than Dangote equity

Facebook justifies voting for 10 million dollars for Zuckerberg

Facebook justified voting on security issues for Zuckerberg in 2018, stating that this is for the benefit of the company because of the importance of the CEO of Facebook.

“When approving this annual safety benefit, the Committee considered the position and importance of Mr. Zuckerberg for Facebook and the fact that Mr. Zuckerberg asked to receive only $ 1 in annual salary and does not receive any bonuses or premiums.

“The committee also reviewed comparative data from a group of peer companies that focus on Facebook for executive compensation, as well as other relevant information on executive compensation and privileges.

“The Committee believes that this allowance, together with the costs of Mr. Zuckerberg’s existing general security program, is appropriate and necessary in the circumstances– said in a statement.

Mark Elliot Zuckerberg is currently worth $ 67.1 billion, Forbes reports, even after Facebook shares fell 19% on Wednesday, July 25, 2018.

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