Facebook spent nearly $9 million on private jets and security for CEO Zuckerberg

Facebook Inc. spent nearly 37 times the typical worker's salary on private security and private jets for Chief Executive Mark Zuckerberg's security in 2017, the company said late Friday in a Security and Exchange Commission filing. Zuckerberg received $1 in compensation and received no stock, but the company said the company paid for his security at private residences, and during personal travel, which included the use of private aircraft. Facebook spent $7.3 million on private security and $1.5 million in 2017 on Zuckerberg's use of private aircraft; the company spent $5.8 million on security for Zuckerberg in the year-earlier period. "Because of the high visibility of our company, our compensation & governance committee has authorized an 'overall security program' for Mr. Zuckerberg to address safety concerns due to specific threats to his safety arising directly as a result of his position as our founder, Chairman, and CEO," the filing said. "We require these security measures for the company's benefit because of the importance of Mr. Zuckerberg to Facebook, and we believe that the costs of this overall security program are appropriate and necessary." According to the filing the median compensation for Facebook employees was $240,430 in 2017, a figure which does not include contractors or workers employed through third-party providers. The highest compensation for an executive was Chief Operating Officer Sheryl Sandberg, who was awarded $25.2 million in total compensation. Facebook stock is up a fraction in after hours trading Friday and closed up 1% to $164.52 during the regular session. Facebook stock has fallen 6.7% this year, as the S&P 550 index has fallen less than 1%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news. 

(Evangle Luo of TTFLY shared with you)