FB spent $20mn on Zuckerberg's security in 2018

Reed Hastings co-founder chairman and CEO of media-services provider Netflix at a meeting with the King of Spain last month

Hastings is stepping down because he has had a long run on the board and as Facebook spends more time focused on video the social network is becoming more competitive with Netflix, said a person familiar with the decision who asked not to be identified because the issue is private. Last year, almost $20 million of that was spent just to keep him secure.

"I see our board being about great judgment, particularly in unlikely disaster where we have to pick new leaders", Hastings wrote in an August 2016 email to Thiel, which was obtained by The New York Times.

Facebook is trying to recover its reputation after a string of scandals over its failure to protect users' personal data, shady business practices involving third parties, and erratic moderation of content on its platform. However, he gets millions in "other compensation", a bulk of which traces to security costs.

As TechCrunch notes, the CEO only receives an annual salary of $1 and does not earn an annual bonus.

The increase shows up in a Friday afternoon financial filing, which showed Zuckerberg's compensation more than doubled from $9.1 million in 2017 to $22.6 million in 2018. Zuckerberg also received $2.6 million for personal use of private jets, which the company said was part of his overall security programme.

While his standard personal security at home and during travels cost Facebook $10 million in 2018, another $10 million was allocated "to cover additional costs related to Mr Zuckerberg and his family's personal security", including guards, equipment and residential improvements.

It's not hard to imagine why there was a significant uptick in costs to keep Zuckerberg secure.

Facebook has in the past few years faced public outcry over its role in Russia's alleged influence on the 2016 US presidential election and has come under fire following revelations that Cambridge Analytica obtained personal data from millions of Facebook profiles without consent. The social networking company reported $2.38 earnings per share for the quarter, topping the consensus estimate of $2.18 by $0.20.

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