Wix.com Cuts Workforce by 20% Amid Economic Shifts

Wix.com, an Israeli company aiding small businesses in website development, is set to reduce its staff by over 1,000 employees, accounting for 20% of its workforce. CEO Avishai Abrahami attributes this decision to the strong Israeli shekel against the dollar and rapid advancements in AI technology.

Wix.com, the Israeli tech giant known for assisting small businesses in building and running their websites, announced it will lay off 20% of its workforce. This move impacts over 1,000 employees, as disclosed by CEO Avishai Abrahami on Thursday.

Abrahami took to X to explain the rationale behind the decision, pointing to the robust performance of the Israeli shekel against the dollar and the fast-paced development of AI capabilities. These elements made it essential for Wix to make strategic adjustments.

As of the end of the first quarter, Wix boasted a headcount of 5,277 employees, highlighting the significance of this downsizing in response to prevailing economic and technological dynamics.