Elon Musk is planning to fire about 3,700 Twitter employees, which constitutes about half of the entire workforce of Twitter, as per a recent report by Bloomberg News. Musk, the new owner of the popular social media platform Twitter, will formally address his staff on Friday, stated sources close to the matter. 

The reason behind this possible mass firing, according to Bloomberg, is to cut costs behind running the company. 

The report by Bloomberg further added that Musk will cancel Twitter's currently existing work-from-anywhere policy for employees. Musk plans on forcing all employees to come to office to work, though some exceptions might be allowed, according to reports. 

In a tweet made three days ago, Musk denied a report by The New York Times which stated that Musk plans to fire Twitter employees before November 1 to avoid stock grants due that day. There has been no official confirmation regarding Twitter layoffs from Musk since. 

When Reuters requested comment regarding the matter, Twitter did not respond. Earlier this week, Reuters reported that as per his first round of layoffs, Musk wants to fire at least a quarter of Twitter employees.