Erel Margalit, 50, one of Israel’s most successful and wealthiest venture capitalists, is not only going into politics, he’s planning to start at the top. He is running for chairman of the Labor Party in the hope of becoming prime minister. (The Labor elections are scheduled for September.) The Jerusalem-based entrepreneur has helped found the Avoda [Labor] Now movement, geared toward reviving the party that headed every Israeli government in the country’s first three decades; it has declined precipitously in recent years.
JERUSALEM (JTA) -- Israeli Defense Minister Ehud Barak has split from the Labor party, which he serves as chairman, to form a new party.
Four other Labor lawmakers joined Barak on Monday: Agriculture Minister Shalom Simhon; Deputy Defense Minister Matan Vilnai; Deputy Industry, Trade and Labor Minister Orit Noked; and freshman Knesset member Einat Wilf.
The new party is expected to be called Atzmaut, or Independence. "We are creating a faction, a movement and eventually a party that will be centrist, Zionist and democratic," Barak told reporters Monday.