Wix announces major layoffs, CEO points to AI automation and exchange rate challenges
Wix is cutting nearly 20% of its workforce as the company cites rapid AI advancements and currency-related financial pressures
Web development company Wix is slashing roughly 20% of its workforce, CEO Avishai Abrahami announced in a post on X early Thursday morning, citing the fast evolution of AI capabilities and challenges related to currency exchange rates.
Abrahami said that as the Israeli shekel continues to strengthen against the US dollar, it is putting “structural pressure” on the company’s ability to operate at its current scale.
The announcement sees Wix join a growing list of tech companies making major headcount cuts, with many industry leaders citing artificial intelligence and automation as key factors reducing the need for routine and repetitive tasks across organisations.
This is a developing story
OpenAI launches Presence to bring AI agents into customer support and enterprise workflows
Samsung Galaxy Fold 8 Ultra, Fold 8, Flip 8 launched: Here is how much it costs in India with discounts
Florida pastor sues OpenAI, says ChatGPT's medical advice delayed emergency treatment: Report
US accuses China's Moonshot AI of using Anthropic's Fable to build K3 model
Apple's biggest Mac refresh in years could bring 11 new models: Report