Elon Musk planning to cut half of Twitter's workforce: Report
Musk already fired several of Twitter's top executives
The Heritage Foundation's Jake Denton breaks down some of the biggest changes that Elon Musk is implementing at Twitter on 'The Evening Edit.'
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.
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Elon Musk attends The 2022 Met Gala Celebrating "In America: An Anthology of Fashion" at The Metropolitan Museum of Art on May 02, 2022 in New York City. (Photo by Theo Wargo/WireImage / Getty Images)
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.
Exterior view of the Twitter office on April 26, 2022, in New York City. Billionaire Elon Musk, CEO of Tesla and Space X, reached an agreement to purchase social media platform Twitter for $44 billion. (Photo by Kena Betancur/VIEW press / Getty Images)
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.
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Tesla founder Elon Musk attends Offshore Northern Seas 2022 in Stavanger, Norway, Aug. 29, 2022. (NTB/Carina Johansen via REUTERS / Reuters Photos)
Geber's comments about the expected cuts did not detail the timing of the layoffs.
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Musk has already made multiple changes since taking control of the platform, including firing top executives.
Twitter did not respond to FOX Business' request for comment.
FOX Business' Joe Silverstein and Reuters contributed to this report.