Elon Musk plans to lay off 3,700 Twitter employees, roughly half the workforce, following his $44 billion takeover of the social media giant, Bloomberg reported Nov. 2.
Additionally, the company plans to end its work-from-home policy and bring employees back to the office, according to people familiar with the matter who asked Bloomberg for anonymity. According to Bloomberg, the changes will be announced Nov. 4.
Mr. Musk has reportedly been weighing the layoffs with a team of advisers, and the workforce reduction terms could still change. In one proposed plan, laid-off employees will be eligible for 60 days of severance pay.
The billionaire is looking to cut costs at the business after Twitter sued to force him to follow through with his takeover agreement.
In late October, Mr. Musk took over the company with a $44 billion acquisition. Since then, he has complained about bot accounts and the site's content policies and proposed a plan to have users pay for verification. The proposed layoffs come after Mr. Musk let go of several members of the executive team, including CEO Parag Agrawal, and others resigned.