Elon Musk plans to slice about 3,700 jobs at Twitter Inc or 50 % of the firm’s workforce in a bid to slash expenses, Bloomberg Information claimed on Wednesday, citing persons familiar with the make any difference.

Twitter’s new operator will advise the team impacted on Friday, in accordance to the report.

Bloomberg also documented that Musk intends to reverse the social media company’s current operate from wherever coverage and will demand workforce to function from workplace though some exceptions could be built.

Musk, in a tweet, had denied a New York Situations report that stated he was organizing to lay off Twitter personnel ahead of Nov. 1 to prevent stock grants due on the working day.

Twitter did not right away answer to a Reuters request for comment.

Reuters experienced noted earlier this week, citing sources that Musk strategies to minimize a quarter of Twitter’s workforce as section of a very first spherical of layoffs at his not too long ago acquired enterprise.