Elon Musk will eliminate about 3,700 jobs from Twitter, and layoffs could begin as soon as this weekend, multiple media outlets have reported.

A report from Bloomberg noted that Musk may make the move in an effort to drive down costs following the purchase of the company for $44 billion, a deal that closed last week.

The Bloomberg story notes multiple sources who confirmed to the publication that Musk intends to tell workers on Friday.

As Musk delivered an edict to the Tesla workforce in early June, noting they ought to get back to the office for work, sources tell Bloomberg that Musk intends to reverse course with Twitter’s remote work policy, as well.

Already, much of the company’s executive leadership team has been fired or has resigned.

Twitter’s C-suite clears out as Musk cements power over the company

Musk taking charge

Musk is also now the sole director of the company, according to a securities filing.

According to Bloomberg, senior staff members that lead product teams were asked to “target a 50% reduction in headcount.”

And CNBC reported that Musk planned to meet with “an inner circle of people advising him at Twitter to discuss the layoffs,” including those from outside the company such as David Sacks of Craft Ventures and Antonio Gracias from Valor Equity Partners.

Further, reported CNBC, “a calendar item for the reduction in force related meeting was made widely visible, possibly accidentally, to employees at Twitter on their internal systems.”

Musk is under pressure to deliver results to investors.  After agreeing to purchase the company for $44 billion earlier this year, the stock market plummeted, including Twitter’s stock price.

As CNBC reported, Twitter’s total revenue between 2010 and 2021 was approximately $25 billion and net income was about $1.3 billion, cumulatively.

In that context, Musk is looking to cut costs and boost revenue.  One proposal raised earlier this week was requiring a monthly subscription fee – first $20 per month, but now perhaps $8 per month – for users to receive account verification, or the blue check mark on the social media platform.

Want a blue check mark on Twitter? That could soon cost you $20/ month