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Website building company Wix is preparing to reduce its workforce by approximately 20%, according to CEO Avishai Abrahami. The decision is attributed to the rapid evolution of artificial intelligence capabilities and difficulties related to currency exchange rates.
Wix is undergoing a significant restructuring, resulting in the layoff of approximately 1,000 employees, or 20% of its workforce. CEO Avishai Abrahami stated the decision was necessary due to the strengthening Israeli shekel and rapid advancements in AI capabilities.
Wix CEO Avishai Abrahami issued a memo announcing a 20% reduction in the company's workforce, attributing the decision to several factors, including the impact of artificial intelligence.