00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Squarespace is laying off approximately 19% of its global workforce,
00:07affecting around 300 employees, according to TechCrunch.
00:11The website building company told TechCrunch the restructuring aims to simplify operations,
00:16sharpen priorities, and support future growth.
00:20The cuts come as artificial intelligence reshapes the website building industry.
00:24AI-powered tools now allow users to create functional websites using simple text prompts.
00:30Competitors are expanding their offerings, including Wix,
00:33which acquired AI platform Base44 for $80 million last year.
00:39Squarespace is also investing in AI.
00:41The company launched its Blueprint tool in 2024 and recently announced Forma,
00:46an upcoming AI-native platform.
00:49Squarespace went public in 2021 at a $10 billion valuation,
00:53before returning to private ownership through a $7 billion deal in 2024.
00:59For all things money, visit Benzinga.com.
