India, May 29 -- Wix CEO Avishai Abrahami has announced a major restructuring that includes a roughly 20% workforce reduction. In a memo sent to the entire team, Abrahami explained that the decision was driven by two main factors: unfavourable Shekel-to-Dollar exchange rates impacting their Israel-based costs, and the rapid evolution of AI capabilities.

He claimed that the company is shifting to a "flatter, leaner organisation" to speed up decision-making and remain competitive in an AI-native tech landscape.

Sharing here the message I just sent to the whole Wix team:

Today is a sad day for me. We have made a very hard decision.

We are reducing the Wix team size by roughly 20%. It is one of the hardest decisions I have had to make, bu...