JERUSALEM (VINnews) — Israeli-owned cybersecurity company Wiz has decided to transfer most of its money out of Israel in the wake of the planned judicial reforms being promoted by the new government.
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The company will leave some funds needed for daily operations including payroll, rent, and various expenses.
Wiz is a New York-based cloud security startup cofounded by CEO Assaf Rappaport, the former head of Microsoft’s development center in Israel and one of the leaders of the high-tech industry’s protest against the judicial reforms. The company became the fastest cyber unicorn in history, reaching a $1.7 billion valuation just a year after it was founded in 2020. It is now valued at $6 billion and is considered one of Israel’s most successful hi-tech companies.
Rappaport’s announcement does not have any immediate economic ramifications for Israel, as companies run by Israelis, even if they are based abroad, must pay taxes both on local income and on income earned abroad according to Israeli tax laws. However the company’s move, which follows a similar move by Papaya Global earlier this month, may encourage others to move foreign investments out of Israel.
Papaya Global, a payroll platform for global payroll companies valued at $3.7 billion, is managed by Eynat Guez, who explained her decision to withdraw funds from Israel, stating that “Following Prime Minister Netanyahu’s statements that he is determined to pass reforms that will harm democracy and the economy, we made a business decision at Papaya Global to withdraw all of the company’s funds from Israel. In the emerging reform, there is no certainty that we can conduct international economic activity from Israel. This is a painful but necessary business step.”
If this leftist fellow is against it, I am now more sure than ever that the Judicial reform is the right step in the right direction.
They were on the way out and using the the judicial reform as an excuse.
What a joke.
What a lying idiot.
If it is not to the Left Wing radicals liking it is anti-democratic.
I love the method HASHEM is using to clean out all the filth prior to mashiach as arrival !!!
כן ירבו
A form of economic terrorism. The current government needs to push forward with reform regardless of these distractions
This is asinine.
Besides for the judicial reforms actually increasing the democratic nature of Israel, not decreasing it…
…this does nothing to the representatives who are moving forward with the reforms or their financial standing…
…this only hurts the people of Israel who they claim are already being disadvantaged by the reforms!!!
That people could even think there is any sense to this is mind boggling.
Note: they dont even claim that if judicial reforms are halted that they will return the investments etc.
This is just another example of leftist “logic” and their irrational warfare.
Hashem Yishmor!
Boruch Hashem Israel will weather these little bumps just fine!