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Facebook spent $22.6 million on Mark Zuckerberg’s security last year

Facebook spent $22.6 million on Mark Zuckerberg’s security last year – a 100% increase over twelve months

  • Facebook doubled its spending on Mark Zuckerberg’s security in 2018
  • Spent $22.6m, up from $9m in the previous year on security for the Zuckerbergs
  • The increase follows the tech giant facing increased scrutiny over ‘fake news’
  • $2.6m was spent on private jets which is classed as part of his security program

Facebook’s security spending on CEO Mark Zuckerberg more than doubled to $22.6 million in 2018, a regulatory filing revealed.

The spend was up from around $9 million in 2017 on security for Zuckerberg and his family.

A $2.6 million portion was spent on private jets for the boss, which the company classes as part of an overall security program.

Facebook co-founder, Chairman and CEO Mark Zuckerberg testifies before a combined Senate Judiciary and Commerce committee hearing on Capitol Hill in April last year

Zuckerberg arrives to testify before a House Energy and Commerce hearing on Capitol Hill in Washington in April last year

The news comes as Zuckerberg faces increased scrutiny after the Cambridge Analytica scandal alleging improper harvesting of 87 million personal profiles which broke in March last year.

Facebook has drawn public ire over their role in Russia’s alleged influence on the 2016 U.S. presidential election.

And Zuckerberg has sat before committees in the United States and abroad to answer questions over Facebook’s handling of users’ information.  

The regulatory finding revealed Chief Operating Officer Sheryl Sandberg took home $23.7 million in 2018 compared to $25.2 million last year.

Separately, Facebook said Netflix Chief Executive Officer Reed Hastings would vacate his seat on the social media company’s board and not be nominated for re-election.

Hastings’ departure comes as the Menlo Park-based company beefs up its push into videos. Hastings has served on Facebook’s board since 2011.

The company also said it would nominate PayPal’s senior vice president of core markets, Peggy Alford, to its board in place of University of North Carolina President Emeritus Erskine Bowles, who will also not be re-nominated.

In a Securities and Exchange Commission filing last Friday, Facebook investors listed proposals to oust Zuckerberg from the executive seat, Business Insider reported.

Investors controlling roughly $3 billion of Facebook’s stock support the measure but it still has little probability of gaining ground.  

The issue stems from Facebook’s dual-class share structure – they allow their Class B shares to have 10 times the voting power of their Class A shares. 

Facebook CEO Mark Zuckerberg leaving The Merrion Hotel in Dublin after a meeting with politicians to discuss regulation of social media and harmful content in April 2019

Zuckerberg owns roughly 75 percent of the class B stock and the chances of him being ousted are slim.

At the end of the annual investor meeting shareholders will be able to vote on a proposal calling for ‘fair and appropriate mechanisms through which disproportionate rights of Class B shareholders could be eliminated.’

It added: ‘Fake news, election interference, and threats to our democracy — shareholders need more than deny, deflect, and delay. We urge shareholders to vote FOR a recapitalization plan for all outstanding stock to have one vote per share.’

Facebook has also called for its investors to strike down that proposal.  

WHAT IS THE CAMBRIDGE ANALYTICA SCANDAL?

Communications firm Cambridge Analytica has offices in London, New York, Washington, as well as Brazil and Malaysia.

The company boasts it can ‘find your voters and move them to action’ through data-driven campaigns and a team that includes data scientists and behavioural psychologists.

‘Within the United States alone, we have played a pivotal role in winning presidential races as well as congressional and state elections,’ with data on more than 230 million American voters, Cambridge Analytica claims on its website.

The company profited from a feature that meant apps could ask for permission to access your own data as well as the data of all your Facebook friends.

The data firm suspended its chief executive, Alexander Nix (pictured), after recordings emerged of him making a series of controversial claims, including boasts that Cambridge Analytica had a pivotal role in the election of Donald Trump

This meant the company was able to mine the information of 87 million Facebook users even though just 270,000 people gave them permission to do so.

This was designed to help them create software that can predict and influence voters’ choices at the ballot box.

The data firm suspended its chief executive, Alexander Nix, after recordings emerged of him making a series of controversial claims, including boasts that Cambridge Analytica had a pivotal role in the election of Donald Trump.

This information is said to have been used to help the Brexit campaign in the UK.

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