[Daily Mail, where America gets its news] Yet another ultra-rich tech CEO has announced sweeping layoffs by email - and once again, artificial intelligence is the scapegoat.
Wix.com, the website-building platform used by millions of small businesses, is cutting roughly 20 percent of its global workforce as executives race to restructure around AI-powered tools and leaner operations.
In a lengthy memo sent to employees and later posted publicly on X, Wix CEO Avishai Abrahami said the company needed to become a 'faster, leaner, and flatter organization' as artificial intelligence rapidly transforms the tech industry.
The layoffs will affect around 1,000 workers of Wix's roughly 5,300 staff worldwide.
'Companies that embrace this change will not only build faster; they will build things the previous generation literally could not have imagined,' Abrahami wrote in the message.
The Israel-based company, which helps entrepreneurs build online stores and business tools without coding knowledge, said the cuts were driven by both AI advancements and financial pressure caused by the strengthening Israeli shekel against the US dollar.
'As the majority of our teams are Israel-based, a very meaningful portion of our costs are shekel-denominated, while our revenue is largely dollar-denominated,' Abrahami wrote.
But much of the attention surrounding the layoffs has focused on the company's embrace of AI - and the increasingly familiar language executives are using to justify job cuts. |