How the Largest Companies Reacted to the Israel-Hamas War

 After the Oct. 7, 2023, attack by the Hamas militant group, Tesla CEO Elon Musk said, “Sorry to see what’s happening in Israel.”

Meanwhile, Meta Platforms CEO Mark Zuckerberg exploded, saying, “Hamas’ terrorist attacks are pure evil.”

Ragan Consulting Group reviewed the statements made by the CEOs of the 15 biggest U.S. companies made during the 10 days following the Hamas assault. In America, opinion about the Israel-Hamas war has become increasingly divided as public attention moves from the victims of the Hamas attack to Israel’s devastating response in Gaza.

The corporate reaction has been more muted than the Russian invasion of Ukraine, when the choices seemed more clear-cut. Based on our preliminary analysis, our observations include:

• Four companies haven’t publicly commented: Warren Buffett’s Berkshire Hathaway, ExxonMobil, insurer UnitedHealthGroup and credit card company Visa.
• Most CEOs made comments via social media, which were often picked up by the news media. The CEOs of only three relied solely on news coverage: JPMorgan Chase, Nvidia and Apple.
• Three companies committed a specific amount of funding for humanitarian relief. A fourth donated money to combat hate speech and hate crimes in the U.S.

We selected the companies based on market capitalization, the total value of their outstanding stock, as of Nov. 11. We supplemented our research with information compiled by Yale School of Management’s Chief Executive Leadership Institute and the Boston College Center for Corporate Citizenship.

The Hamas assault resulted in about 1,200 deaths and more than 200 people held hostage in Gaza. Israel immediately counterattacked with punishing airstrikes, followed by a ground invasion that began Oct. 28. Palestinian deaths have totaled 13,000 since the conflict began.

Musk v. Zuckerberg
Musk may be better known as the owner of social media app X (formerly Twitter), but his automaker is the 8th largest company in the country. He was the first CEO to comment, posting on the evening of the Hamas assault. He made eight comments about the war between Oct. 7-17, the most of any CEO. He generally urged an end to the violence.

Long-running criticism of Musk and X’s role promoting antisemitism resurfaced at the start of the conflict, culminating last week when Apple, Disney and IBM paused advertising on the site.

European Union regulators have warned both X and Meta’s Facebook that the platforms are violating EU standards on content.

Zuckerberg posted his condemnation on Oct. 10 as an Instagram story, which expires after 24 hours. It was reposted on X by the Israeli government and picked up by several news outlets, including Forbes.

A much less well-known chief executive and his company issued an even stronger denunciation.

“We are heartbroken and outraged by the horrible terrorist atrocities in Israel this past weekend that targeted innocent men, women and children,” drugmaker Eli Lilly said in a statement posted on Oct. 12 to its website. “Lilly joins with the rest of the world in condemning the inhumanity and violence of these terrorists.”

It closed by calling the Hamas attack “brazen acts of evil.”

Lilly CEO Dave Ricks added in a LinkedIn post, “The murder of innocent civilians is terrorism with no justification.”

Andy Jassy of Amazon called the Oct. 7 attack “shocking and painful to watch” without labeling Hamas as terrorists, in an Oct. 9 post on X.

‘All those killed’
As the Israeli airstrikes began, CEOs began making indirect references to civilian casualties in Gaza. First, Sundar Pichai of Google parent Alphabet said Oct. 9 on X, “Deeply saddened by the terrorist attacks in Israel this weekend and the escalating conflict underway.”

The company has more than 2,000 employees in Israel.

Meanwhile, on Oct. 11, Satya Nadella of Microsoft said on X, “Heartbroken by the horrific terrorist attacks on Israel and the escalating conflict. My deepest condolences are with all those killed and impacted.”

The company has about 3,000 employees in Israel.

Nvidia’s story
Perhaps no company was more directly affected by the Oct. 7 attack than chipmaker Nvidia, with 3,300 employees in Israel. The company immediately canceled a conference in Israel planned to start Oct. 15, citing “the current situation in Israel,” in an understated message to attendees.

“Our hearts go out to all those affected by the situation,” the message said, according to a story published Oct. 8.

Among them: the daughter of a key Israeli executive, the daughter’s partner and a former employee were killed. Another employee and his girlfriend were taken hostage. Nvidia CEO Jensen Huang notified his employees in a memo sent on Oct. 8, according to one report, although the chronology is not clear.

“The world follows the news out of Israel with horror,” Huang wrote, according to a copy of the memo obtained by Ctech, published Oct. 13. “The scale and brutality of the attacks and the suffering they inflict are difficult to fathom. For our families in Israel, the news is a living nightmare.”

Jamie Dimon of JPMorgan Chase also did not make a public statement. In an internal Oct. 8 memo to employees, he called the attack and response a “terrible tragedy.” The company was standing with “the people of Israel,” according to the memo, which was quickly reported by CNN and other outlets, likely the result of smart work by the bank’s comms team.

Taking action
Four companies made specific funding pledges:

• Eli Lilly donated $500,000 to humanitarian organizations in Israel and pledged to match employee contributions up to $500,000.
• Google pledged $8 million to “nonprofits who are providing relief to civilians affected in Israel and Gaza,” Pichai said in an Oct. 17 blog post.
• Nvidia promised to raise $10 million by matching employee donations for “Israel’s relief efforts,” or to “help innocent Palestinians,” according to an internal email sent Oct. 22.
• Walmart pledged $1 million to the U.S. Holocaust Memorial Museum, according to an Oct. 18 LinkedIn post by CEO Doug McMillon.

The chief executive of the most valuable company in the world, with a market capitalization of nearly $3 trillion, was the last to comment. He did so by giving a statement to a newspaper nearly 7,500 miles away from his company’s headquarters.

“I am deeply saddened by the devastating attacks in Israel and the tragic reports emerging from the region,” Tim Cook of Cupertino, Calif.-based Apple said in a statement to The Jerusalem Post on Oct. 16. “My heart goes out to the victims, the families who have lost their loved ones, and all those who suffer as a result of this violence.”

Tom Corfman is a senior consultant with Ragan Consulting Group, which helps leaders decide when to speak and what to say about political and social issues.

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