Wix is laying off roughly 20% of its workforce, about 1,000 employees, as CEO Avishai Abrahami cites both the rapid evolution of AI and currency pressure from a stronger Israeli shekel against the dollar.…
Despite global condemnation over Israel’s regional wars, the shekel is at a 32-year high, giving the government something to brag about, but fueling anxiety in the vital tech industry.
As exchange rate dives below NIS 3 to the greenback, companies paid in US currency say without government help they will have to cut costs, fire workers and could move elsewhere
