More than 100 high-tech people, CEOs, entrepreneurs and venture capitalists signed a letter to Prime Minister-designate Binyamin Netanyahu, in which they warn that “legislation that calls into question the basic and fundamental rights of every person regardless of who they are” and the undermining of trust in democracy and the legal system will harm the high-tech industry local and will keep international investors away from Israel. In the letter, Netanyahu was asked to “stop the intensifying snowball, steady the ship and maintain the status quo between all parts of Israeli society.”

And so they wrote: “We, entrepreneurs and founders of start-up companies in Israel, investors and managers of venture capital funds, turn to you with concern in view of the devastating consequences for the economy in general, and the high-tech industry in particular, that may result from the legislative moves taking place these days in the Knesset.

As citizens, we respect the results of the recent elections which reflect the will of the people and believe that as prime minister you will act in the interest of all the citizens of Israel. However, harming the status of the court, as well as harming the rights of minorities based on religion, race, gender or sexual orientation, will constitute a real existential threat to the magnificent high-tech industry that has been built in Israel with great effort over the past three decades.”

“In recent years, the local high-tech industry has flowed billions of dollars every year from international investors, the overwhelming majority of whom come from the US and Europe,” the appeal reads. “These investors are of course looking for financial returns on their investment. But they also share significant fundamental values ​​with the countries and industries in which they invest. Legal stability is a necessary condition for international investors and helps them invest in certain countries. On the other hand, the lack of such stability drives them away from other countries.”

According to the applicants, “the undermining of trust in the Israeli justice system and, as a result, in Israeli democracy, and legislation that calls into question the basic and fundamental rights of every person, regardless of who they are, may deter those investors who have driven the growth of this wonderful industry. In their wake, we may also see an influx of technology companies, All of them are essentially international companies, outside of Israel, and so are their tax payments. Someone like you understands and knows that this could have devastating consequences for the economy and society in Israel.”

In conclusion, they wrote, “As citizens who value their country, we must not let this happen! Do not allow Israel’s status in the world to be harmed and the continued growth of the Israeli economy for the benefit of all the citizens of the country. We demand that you stop the intensifying snowball, steady the ship and maintain the status quo between All parts of Israeli society.”