Israel based web development company Wix announced plans to lay off about 20% of its staff, CEO Avishai Abrahami’s post on X early Thursday.
The decision is driven by rapid advancements in AI technology and ongoing difficulties related to currency exchange rates.
Abrahami highlighted that the company is experiencing a transformative shift in how businesses are built, comparing it to the revolutionary impact of modern programming languages in the 1970s.
Wix aims to streamline decision-making by reducing leadership layers to adapt to these changes.
He also noted that the strengthening Israeli shekel against the U.S. dollar is exerting structural pressure on the company’s operations at its current scale.
Source (CNBC)
