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Wix Cuts 20% of Workforce Amid Structural Headwinds

Wix, the Israel-based web development platform, is eliminating approximately 20% of its workforce, CEO Avishai Abrahami announced Thursday. The company cited rapid advances in artificial intelligence capabilities and currency exchange pressures as primary drivers of the reduction. Abrahami noted the Israeli shekel's strengthening against the dollar has created structural challenges for operating at current scale. The CEO signaled plans to flatten organizational layers to accelerate decision-making and restructure core business operations. Wix joins other technology firms executing significant headcount reductions, including Block's cut of nearly 4,000 jobs and Cisco's 5% reduction, with executives increasingly citing automation opportunities tied to emerging technologies.