Wix laying off about 20% of its workforce. CEO cites AI in post
CNBC • • business
Key Points:
- Israel-based web development company Wix is cutting approximately 20% of its workforce, CEO Avishai Abrahami announced, citing rapid advancements in AI and challenges related to currency exchange rates.
- Abrahami described the current period as the most significant shift in company building since the 1970s, emphasizing a move toward fewer leadership layers to enable faster decision-making.
- The strengthening of the Israeli shekel against the U.S. dollar is creating structural financial pressure, impacting Wix's ability to maintain its current operational scale.
- Wix has not yet provided further confirmation or details regarding the layoffs in response to media inquiries.