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Cosgrave under pressure to sell Web Summit shares

Web Summit founder Paddy Cosgrave credit: Shutterstock
Web Summit founder Paddy Cosgrave credit: Shutterstock
30 Oct, 2023 7:22
שלח תגובה במיילMeytal Vaizberg

Paddy Cosgrave, who quit as the tech conference CEO after his condemnation of Israel caused many to withdraw participation and sponsorship, is being asked to sell his shares.

Paddy Cosgrave, who quit last week as the CEO of Web Summit, the largest tech conference in Europe, is under pressure from his two partners and cofounders to sell his shares in Manders Terrace, the parent company of the conference.

David Kelly and Daire Hickey have written to the board of directors, requesting that Cosgrave immediately sell his 81% stake in the company, "Bloomberg" reports.

Cosgrave resigned last week as Web Summit CEO after posts condemning Israel policy over Gaza resulted in many companies, including the top companies in Israel's tech sector, tech giants and leading venture capital firms to withdraw participation and sponsorship from next month's conference in Lisbon. The conference on November 13 has not been canceled although the list of participants has been significantly reduced.

"Bloomberg" reports that the scandal has extended to Cosgrave’s venture capital firm that is affiliated with the conference, Web Summit Ventures. Rob Frohwein, the former CEO of online lender Kabbage, told "Bloomberg" he was "disappointed" with Cosgrave’s comments and has begun the process to withdraw his money from the fund.

Published by Globes, Israel business news - en.globes.co.il - on October 30, 2023.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.

Web Summit founder Paddy Cosgrave credit: Shutterstock
Web Summit founder Paddy Cosgrave credit: Shutterstock
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