Israeli website maker Wix cuts 1,000 jobs, citing strong currency against dollar

Israel-based website maker Wix has laid off around 20% of its workforce, affecting over 1,000 employees. Announcing the decision, CEO Avishai Abrahami said the strengthening of Israeli shekel against the US dollar has created "structural pressure" on the company. He added that Wix needs "to become faster, leaner and flatter" amid rapid advances in AI.