Musk plans to cut half of Twitter jobs to reduce costs

Twitter's new CEO Elon Musk plans to cut 3,700 jobs, or half of the company's workforce, to reduce costs, although he had promised not to lay off 75 percent of the employees after acquiring Twitter, Bloomberg reports, citing sources familiar with the matter.

According to the same source, the new owner of Twitter will inform on Friday the staff to be affected by this decision.

In addition, Musk intends to change the company's policy, according to which employees can work from anywhere. Now they will have to work from the office. Of course, there will be some exceptions.

In an earlier tweet, Musk had dismissed the report by The New York Times that he was going to lay off Twitter employees by November 1 in order to avoid giving them compensation in the form of shares.

Musk bought Twitter on October 28 for $44 billion. After acquiring this social medium, he immediately fired the entire management of the company.

Later, Musk changed the main page of the social medium, also verified on Twitter that the monthly subscription to have a Blue account will become more expensive—from $5 dollars to $8 dollars. And in response to complaints, he wrote on Twitter: "To all complainers, please continue complaining, but it will cost $8."

According to Musk, this decision will help to destroy the "current lords & peasants system on Twitter," which, apparently, does not correspond to his ideas about the future development of this platform. Perhaps, Musk meant that now the blue check mark will be accessible not only to a limited circle of popular users and celebrities—as it was before.