Musk to cut 3,700 jobs at Twitter, half of workforce: report

Elon Musk plans to cut 3,700 jobs at Twitter, equal to half of the workforce at the social media company, according to Bloomberg.

Musk plans to inform the affected staff members on Friday, according to Bloomberg, which cited people familiar with the matter.

Senior personnel on the product teams have been asked to target a 50 percent reduction in headcount, the publication reported, and layoffs have been drawn up based on an employee's contributions to coding.

The new owner of Twitter has not finalized how many jobs exactly will be cut, and he may allow laid off workers to earn up to 60 days' worth of severance pay, according to Bloomberg. Musk is also reportedly considering reversing a work-from-anywhere policy.

The billionaire completed his purchase of Twitter last week for $44 billion and became the sole owner of the company, dissolving the board.

Musk has said his purchase of Twitter for $54.20 a share was overpriced and he has been looking to cut costs and make the company more profitable.

He's swiftly made multiple changes to the social media company, including firing multiple top executives and bringing aboard Tesla personnel.

Musk has also floated the idea of some controversial changes, including charging for a blue verification check mark and easing up content moderation policies.