Elon Musk cutting Twitter’s workforce by half

Elon Musk is reportedly planning to cull 3,700 employees from Twitter in an effort to cut costs, Bloomberg reported.

Twitter employees have been bracing for the mass layoffs since Musk began his takeover of the company.

According to Bloomberg, the website’s new owner and “Chief Twit” and a team of advisers are still reportedly in the midst of finalizing the terms for the layoffs, but one option they’re considering is offering the people they let go 60 days’ of severance pay.

The executive could break the news to affected staffers as soon as Friday, Bloomberg reported.

After the deal to purchase Twitter was sealed, Musk’s first move was to fire former CEO Parag Agrawal, Chief Financial Officer Ned Segal and other top execs, Engadget reported.

More director and VP jobs were let go over the weekend, while some remaining Twitter employees in leadership roles were asked to write up lists of staff members that can be cut.

In addition to ordering a mass layoff to save money, Musk is also implementing huge changes to make money, such as raising the price of Twitter Blue to $8 a month from $3. Bloomberg says the new pricing could go live as soon as Monday next week. The subscription will also be a requirement for blue verification badges going forward, though users who are already verified will be given months to start paying before they lose their check mark.