Elon Musk intends to slash nearly 3,700 employees at Twitter, around half of the social media giant’s headcount.
Sources say new owner Musk is striving to cut costs after the $44-billion takeover.
Twitter’s new owner plans to notify impacted employees on Friday, November 4.
Musk also aims to alter the company’s current work-from-anywhere policy, requiring remaining staff to report to offices, with limited exceptions possible.
Musk and an advisors team were considering various possibilities for layoffs and other policy changes at the San Francisco-based firm.
Sources said the terms of the headcount drop could still alter.
In one possibility, laid-off employees will be granted severance pay for 60 days.
Musk is now under pressure to identify ways to cut expenses at a firm that he claims he overpaid for.
In April, the billionaire agreed to pay $54.20 a share, just as markets were collapsing.
He subsequently attempted to back out of the deal for months, claiming that the corporation deceived him about the prevalence of bogus accounts.
Twitter sued to force Musk to honor his commitment, and in recent weeks, Musk succumbed, agreeing to close the sale on the agreed-upon conditions
Twitter staff have been preparing for layoffs since Musk took control and ousted the top leadership team, including CEO Parag Agrawal.
Some of the company’s high-ranking executives, including its CEO, have already been removed.
Other executives were instructed to create lists of people on their teams who may be let go.
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Senior product team members were reportedly told to aim for a 50 percent drop in the workforce.
The sources said layoff lists were made and ranked based on individuals’ contributions to Twitter’s code throughout their tenure at the firm.
Source: Los Angeles Times