High-tech companies have already withdrawn $780 million from Israel as judicial coup

Much of the attention over recent weeks has been focused on protest announcements by venture capitalists and entrepreneurs such as Eynat Guez from Papaya and Assaf Rappaport from Wiz, who both announced that they will transfer company money out of Israel. However, behind the scenes the situation is much more dangerous and is developing quietly but quickly. An investigation by Calcalist shows that a large number of high-tech companies, whose managers are not at all involved in the protest against the judicial coup, are quietly withdrawing their companies’ cash balances from Israel.

An examination of dozens of public high-tech companies, unicorns and startups shows that as of last Friday, 37 companies decided to withdraw $780 million from bank accounts in Israel and transfer the money to banks abroad. In addition, a decision was made to stop transfers to Israel of an aggregate amount of $2.2 billion generated from activities abroad – whereas until today, funds such as these were flowing into the country.

The companies are all from different fields, in different stages of activity, and some of them are managed by people who identify…