[Israel] Tech unicorn CEO threatens to stop paying taxes and leave country

Tom Livne - founder of software giant Verbit - valued at billions of dollars, announced on January 31 that he intends to leave Israel over the judicial reform proposed by Prime Minister Benjamin Netanyahu and Justice Minister Yariv Levin, The Times of Israel reports.

"I've paid tens of millions of dollars, and the company has paid hundreds of millions in taxes," Mr Livne said. "My way is to simply leave and no longer be a resident of Israel.”

"When we, the drivers of the economy, speak this way and take these steps, they will have to speak with us as equals."

Mr Livne’s announcement follows venture capitalists Papaya Global’s decision to expatriate company funds from Israel, revealed last week. Eynat Guez - Papaya Global’s founder and CEO - reportedly posted on Twitter, "There is no certainty that we can conduct international economic activity from Israel. This is a painful but necessary business step."

More than 270 faculty members, economic experts and college professors across the globe signed a document declaring that the proposed judicial reform could cause "irreparable damage to the Israeli economy".

On January 27, the Israeli premier reportedly met with senior Israeli economists and banking CEOs to discuss the reform. Mr Netanyahu was said to be concerned about the possible damage the move could cause the economy; by global credit agencies demoting Israel's credit rating, risking a snowball effect from which the country may not be able to recover.

On January 31, around 200 Hi-Tech workers reportedly protested in the streets of Tel Aviv, registering their opinion about the judicial reform. Protesters disregarded low temperatures and showers to block a major highway and march on through several other prominent Tel Aviv avenues, occasionally confronting police forces.

The protesters reportedly chanted slogans such as "The answer to Netanyahu - Revolution", and "Yariv Levin, this isn't Poland".

Police ultimately gave them a final warning, "You have five minutes to clear the streets, or we will use force."

Smaller Hi-Tech protests reportedly took place in cities throughout Israel.

Source: The Times of Israel

(Link and quotes via original reporting)

Tom Livne - founder of software giant Verbit - valued at billions of dollars, announced on January 31 that he intends to leave Israel over the judicial reform proposed by Prime Minister Benjamin Netanyahu and Justice Minister Yariv Levin, The Times of Israel reports.

"I've paid tens of millions of dollars, and the company has paid hundreds of millions in taxes," Mr Livne said. "My way is to simply leave and no longer be a resident of Israel.”

"When we, the drivers of the economy, speak this way and take these steps, they will have to speak with us as equals."

Mr Livne’s announcement follows venture capitalists Papaya Global’s decision to expatriate company funds from Israel, revealed last week. Eynat Guez - Papaya Global’s founder and CEO - reportedly posted on Twitter, "There is no certainty that we can conduct international economic activity from Israel. This is a painful but necessary business step."

More than 270 faculty members, economic experts and college professors across the globe signed a document declaring that the proposed judicial reform could cause "irreparable damage to the Israeli economy".

On January 27, the Israeli premier reportedly met with senior Israeli economists and banking CEOs to discuss the reform. Mr Netanyahu was said to be concerned about the possible damage the move could cause the economy; by global credit agencies demoting Israel's credit rating, risking a snowball effect from which the country may not be able to recover.

On January 31, around 200 Hi-Tech workers reportedly protested in the streets of Tel Aviv, registering their opinion about the judicial reform. Protesters disregarded low temperatures and showers to block a major highway and march on through several other prominent Tel Aviv avenues, occasionally confronting police forces.

The protesters reportedly chanted slogans such as "The answer to Netanyahu - Revolution", and "Yariv Levin, this isn't Poland".

Police ultimately gave them a final warning, "You have five minutes to clear the streets, or we will use force."

Smaller Hi-Tech protests reportedly took place in cities throughout Israel.

Source: The Times of Israel

(Link and quotes via original reporting)