According to a report, leading tech companies are shelling out millions each year to safeguard their CEOs, with some companies paying more than others.
What Happened: Security costs for top executives can be among the most expensive perks, including home monitoring, personal bodyguards, and security consulting, according to a report by Fortune.
Bill Herzog, CEO of LionHeart Security Services, stressed the necessity of investing in the protection of high-profile CEOs, considering the potential risks they face.
LionHeart Security Services charges $60 per hour or more for security services, which could result in an annual bill of over $1 million for two guards.
"When you're talking about somebody who's worth millions of dollars or billions of dollars, and they are in charge of an entire company, there is a real possibility of kidnapping, there's a real possibility of extortion, there's a real possibility of attempts on their lives," Herzog told the outlet.
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Meta leads the pack, having spent $23.4 million in 2023 on personal security for CEO Mark Zuckerberg. This includes $9.4 million in direct security costs and a $14 million pre-tax allowance for additional security-related expenses.
Alphabet Inc. spent $6.8 million on personal security for CEO Sundar Pichai in 2023, while Tesla Inc. paid $2.4 million for Elon Musk's security services.
Other tech giants, such as Nvidia Corporation and Apple Inc., also invest significantly in their CEOs' security, spending $2.2 million and $820,309 respectively in 2023.
Why It Matters: The security of top executives has become a significant expense for tech companies. The rising costs reflect the increasing threats faced by these high-profile individuals.
The significant investment in security measures is a testament to the importance these companies place on the safety of their leaders. It also underscores the potential risks associated with leading a major tech company in today's world.
The substantial costs incurred for security services highlight the lengths to which companies are willing to go to ensure the safety and well-being of their top executives.
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This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.