US billionaire Elon Musk plans to lay off up to half of Twitter’s 7,500 employees, according to people familiar with the matter, to cut costs, the Financial Times reported Thursday.
As part of those plans, Musk is looking to cut about 3,700 jobs after buying the social media company for $44 billion, according to two people familiar with the project, although the exact number is subject to change.
According to the British newspaper, Musk is also aiming to force employees to work from the office from Monday, which is contrary to Twitter’s current policy that allows employees to work from anywhere.
The layoffs could be announced on Friday, if not sooner, according to information from the Financial Times, which added that Musk has already made his mark on the social platform since the completion of the acquisition by asking employees to work full-time on individual projects.
One such project is to offer a subscription service to verify users’ identities, increase the chances of their posts being shown, and enable them to see fewer ads with plans to reduce the number of employees.
Musk reshuffled the board late last week, firing two executives, including Twitter CEO Parag Agrawal, and hiring a small group of trusted advisers, including his personal attorney, Alex Spiro.