Wix becomes Israel’s second-highest valued company
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Wix becomes Israel’s second-highest valued company

Covid-19 has contributed to the website-building platform's share price going up 260 percent since March

Wix's Tel Aviv HQ (Wikipedia/Attribution-ShareAlike 4.0 International (CC BY-SA 4.0)  https://creativecommons.org/licenses/by-sa/4.0/legalcode)
Wix's Tel Aviv HQ (Wikipedia/Attribution-ShareAlike 4.0 International (CC BY-SA 4.0) https://creativecommons.org/licenses/by-sa/4.0/legalcode)

The coronavirus crisis has helped make Wix, the popular website creator platform, the second-highest valued Israeli company.

Its share price has increased by 260 percent since March, Haaretz reported Monday, trading as high as about £244 ($319) on the Nasdaq exchange  last week before dropping to about 283 on Monday morning.

Wix allows users to easily create websites with templates and drag and drop tools in a way similar to competitors such as WordPress and Squarespace.

“We’ve made a leap from being a consumer product for a particular group to a necessity for many more people,” said Nir Zohar, the company’s president and chief operating officer. “It’s the way many people today are making a living, by selling online.”

Wix’s market cap was around £3bn ($4 billion) in 2018 — it is now close to £12bn ($16 billion), according to Haaretz. That puts the nearly 15-year-old company close behind the cybersecurity firm Check Point Software Technologies, which at £13bn ($17.3 billion) is Israel’s most valuable business.

Avishai Abrahami, Nadav Abrahami and Giora Kaplan founded Wix in Tel Aviv in 2006.

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