tech
Wix cuts 20% of workforce in AI and currency restructuring
Wix is cutting roughly 1,000 jobs, about 20% of its workforce, in the largest layoff in company history. CEO Avishai Abrahami cited the strengthening Israeli shekel and the need to rebuild the company around AI-native roles. The stock has fallen more than 50% in 2026.
TL;DR
- Wix is laying off about 1,000 employees, representing 20% of its workforce, in its largest-ever job cuts.
- The layoffs are attributed to the strengthening Israeli shekel against the US dollar, increasing labor costs, and a necessary pivot to AI-native workflows.
- Wix's stock has dropped over 50% in 2026, with first-quarter earnings missing expectations and operating expenses surging.
- The company is restructuring into a flatter organization with new AI-focused roles like xEngineer.
- This mirrors a trend across the SaaS industry where companies are reducing staff, believing AI can perform or augment many tasks.