Israel-based Wix to cut about 20% of its workforce, CEO Avishai Abrahami officially announces

Wix will cut about 20% of its workforce, or roughly 1,000 jobs, in its largest layoff ever.

CEO Avishai Abrahami said weaker earnings, a sharp stock drop, and higher local labor costs drove the decision.

A stronger shekel is adding pressure on Wix and other Israeli tech firms, including Amdocs, Rapyd, and SentinelOne.

The move highlights broader strain across Israeli tech as AI competition and slower growth reshape the market.