The controversy ignited following Web Summit CEO Paddy Cosgrave's critical remarks about Western support for Israel on social media. 

Google and Meta, previously significant participants, confirmed their exit on Friday, distancing themselves from the event scheduled for November in Lisbon. 

Their withdrawal comes on the heels of earlier pullouts by companies like Intel Corp. and Siemens AG.

Furthermore, Stripe Inc., a recurrent sponsor, has also backed out. 

Despite Cosgrave's subsequent apology and acknowledgment of the offense his comments caused, a coalition of Israeli investors has advocated for a boycott, according to the Bloomberg report.

The Web Summit, known for attracting a global roster of tech companies, investors and political speakers, faces uncertainty as other scheduled attendees, including officials from Amazon.com Inc., have remained silent on their plans.

Despite the turmoil, Portuguese Economy Minister Antonio Costa Silva has confirmed his attendance, while German Vice Chancellor Robert Habeck's participation hangs in the balance.

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo: Shutterstock