Wix, a web development company headquartered in Israel, will be reducing its workforce by approximately 20%, as announced by CEO Avishai Abrahami in a post on X early Thursday. He attributed this decision to the rapid advancements in artificial intelligence and challenges posed by fluctuating currency exchange rates.
Abrahami emphasized that we are experiencing the most significant transformation in company structures since the development of modern programming languages in the 1970s. This transformation requires more than merely adopting new technologies; it involves fundamentally rethinking the way businesses are structured, operated, and managed, prompting Wix to streamline its leadership hierarchy to facilitate quicker decision-making.
The strengthening of the Israeli shekel against the U.S. dollar has created "structural pressure" on Wix, impacting its ability to maintain its current operations at previous levels.
As of now, Wix has not provided further comments or confirmation regarding the layoffs in response to inquiries from CNBC.



