Facebook Paid $91,000 Last Year For Mark Zuckerberg’s “Estate And Financial Planning” (Hmmm…)

You find a lot of interesting little details in the bowels of companies’ financial statements.

One detail from Facebook’s financial statements that we’ve already reported is that the company paid $693,000 last year to rent private jets to fly Mark Zuckerberg around.

And that’s fine.

Most companies of Facebook’s size rent (or buy) private jets to fly their senior executives around. It’s more efficient and convenient, for one thing. And it’s basically like renting a flying conference room–when you stick a few execs together in a small plane for several hours, you can get a whole lot of meetings done.

Mark Zuckerberg’s private-jet usage wasn’t just for work, of course. It also included some “family and friends” flying and was expensed as part of his comprehensive security program, which Facebook pays for.  And that’s fine, too. When you’re as rich, famous, visible, and important to your company as Mark Zuckerberg is, it makes sense for the company to pay for security. It’s worth it to reduce the risk that something might happen to you.

But there was one other Mark Zuckerberg expense that Facebook paid for last year that made us go hmmm….

The company paid $90,850 for Mark Zuckerberg’s “estate and financial planning.”

Now, we have no doubt that Mark Zuckerberg’s estate and financial planning is complex enough to warrant a $91,000 bill. (Having billions of dollars will do that.)  And $91,000 certainly isn’t much in the grand scheme, especially when you see what other big CEOs are paid.

But we just don’t see how it helps Facebook or Facebook shareholders to foot the bill for Mark Zuckerberg’s estate and financial planning.  And we generally frown on expenses like club memberships and other perks that serve primarily to enrich senior executives by paying some of their personal expenses for them.

So we asked Facebook about that $91,000 estate planning bill.

The company said it was a “perk” for senior executives for a while–a perk that some of the executives took advantage of and others did not.

Facebook also said this this perk was discontinued in April of this year.

So maybe it also caused other people to go hmmmm…


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About Nlyten

I have always been a tech enthusiast, to the point where i have become an addict. Tech to me is crack; Always trying to get my fix every chance i get ! I have always loved sharing anything that fascinates me which again 90% of the time is about tech related content. I used to share content on Google Reader Shared pages (http://www.google.com/reader/shared/surdie) but after their not so brilliant idea to shut it down i felt i needed a new platform where i could share and distribute content and thats how Nlyten.com came about. So keep reading and get Nlyten ed !

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