Israeli website creator Wix.com cuts 1,000 jobs, citing strong shekel and AI
Israel
JERUSALEM, May 28 : Israel's Wix.com, which helps small businesses build and operate websites, is laying off 20 per cent of its workforce, CEO Avishai Abrahami said on Thursday, citing a strong shekel versus the dollar and the rapid evolution of AI. The shekel has appreciated nearly 30 per cent against the dollar over the last year to reach a 33-year peak. "As the majority of our teams are Israel-based, a very meaningful portion of our costs are shekel-denominated, while our revenue is largely
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