In January 2023, Eynat Guez, CEO and Co-Founder of Papaya Global, a billion-dollar Israeli software company, announced that Papaya Global is withdrawing all its funds from Israeli banks in response to the reform, explaining: “This is a painful but necessary business step.”
Globes pointed out at the time that in addition to causing harm to the Israeli economy (Papaya Global is valued at more than $3 billion), the move would damage the company as well since it’s more profitable for Israeli unicorns to hold their deposits in Israel (Rich Hi-Tech Leftist Trying to Start a Run on the Economy to Avenge Justice Reform)
Karma knocked on Guez’s door on March 10, 2023, when Silicon Valley Bank (SVB), where an estimated 500 Israeli companies kept their money, failed. The state regulatory agency revoked SVB’s charter and transferred the business into receivership in the second-largest bank failure in US history.
Prime Minister Benjamin Netanyahu issued a calming statement, saying: “If necessary, out of responsibility for hi-tech companies and employees, we will take steps to help the Israeli companies (Israel Supporting Hi-Techs that Pulled Out Billions to Destroy Its Economy in Judicial Reform Protest).”



