Elon Musk reportedly plans to slash 3,700 jobs at Twitter – half of the company’s workforce.
Bloomberg News, citing people familiar with the matter, reported Wednesday that Musk will inform affected staff on Friday.
The outlet said Musk has not finalized how many jobs will be cut and that he may allow laid off workers to receive as many as 60 days of severance pay.
Additionally, Bloomberg said Musk plans to reverse Twitter’s existing work-from-anywhere policy and require employees to come into the office, with some possible exceptions.
The report said the job cuts were an effort to drive down costs.
In a tweet, Musk previously denied a New York Times report that said he was aiming to lay off employees before Nov. 1 to avoid stock grants due on the day.
“This is false,” Musk replied to a tweet by ProPublica’s deputy managing editor, Eric Umansky, that highlighted the report.
The Times’ report said Ross Gerber, an investor who helped Musk finance the takeover, was told that Musk plans to cut around 50% of the Twitter workforce.
Geber’s comments about the expected cuts did not detail the timing of the layoffs.
Musk has already made multiple changes since taking control of the platform, including firing top executives.
Twitter did not respond to a request for comment.