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Another concerned company: the Israeli start-up Wiz will transfer tens of millions of dollars abroad | Israel Today


In the high-tech world, there are continuing fears about the legal reform led by the government and its effect on the country's economy • As part of risk management at Wiz, whose value is in the billions, it was decided to transfer a significant portion of the company's funds to bank accounts abroad • The company's founders are prominent activists in the protest against the government's legal plan

With the warnings of the economic consequences of the legal reform in the background: a member of the Israeli start-up Wiz (WIZ) announced today (Monday) that it will withdraw the money from Israel to bank accounts abroad. This is a transfer in the amount of tens of millions of dollars. The step was made against the background of the company's risk management Due to the uncertainty in the country.

This is the second company after Papaya Global to take such a step.

The founders of the company, Assaf Rappaport and Vinon Kostica, are prominent and leading activists in the protest against the legal reform of Yariv Levin.

Since Wiz was founded, its owners have managed to raise 600 million dollars.

Thus, it reached a value of about 6 billion dollars.

Earlier today, the British bank HSBC, the largest bank in Europe, also published a review in which it warned against the consequences of the legal reform of Justice Minister Yariv Levin.

The review states that "for now, we still see the decline in the dollar-shekel and our year-end forecast stands at 3.20. The cyclical dynamics and the balance of payments remain supportive of the shekel. The recent increase in yields is another reason which supports the shekel."

Also, the bank's economists added: "We think that it is impossible to completely ignore the latest political developments. The government's plan may affect the institutional framework, and may lead to a deterioration

in the investment environment, thereby weighing on the Israeli currency."

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Source: israelhayom

All news articles on 2023-02-06

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