Sponsors will want to hear from Cosgrave about posting of a Palestinian flag by the Ditch on October 7th, says businessman
is a “high-risk strategy”, according to serial entrepreneur Bobby Healy, whose drone business, Manna, is backed by a fund established by Cosgrave and the other Web Summit shareholders.because tech companies were withdrawing from the November Web Summit in response to his comments about Israel, the controversial Irish businessman announced he was returning to the helm of the business where he has an 81 per cent shareholding.
Cosgrave announced his return on Monday on his X account, where he has more than 97,000 followers. His announcement came a little over a week after he posted a photograph on the same account of IRA bomb-making expert: “Rose Dugdale was a legend. The real deal. RIP.” A few days later he posted a photograph of a young woman with previous links to Web Summit accompanied by the words: “Petty crook alert. More to come.” Nothing has been heard since about why this was published.
“I don’t think that the people who withdrew have forgotten what happened, that the Ditch posted the Palestinian flag on October 7th,” says Bobby Healy. “I think the sponsors will want an explanation about that. They have brands to protect, and they don’t want to be associated with a toxic brand, so it is for Paddy to make sure that the brand is not toxic.”
In their High Court actions, Kelly and Hickey claim that Cosgrave has run Web Summit so as to oppress their rights as shareholders and want the court to order they be bought out at a proper price. This is why the valuation to be put on the business is so important.
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