Twitter will announce the job cuts to employees on Friday, Bloomberg reported. Additionally, Musk apparently plans to reverse the company's current policy of allowing them to work from the location of their choice, noting that most employees will be asked to report to offices, the report stated.
Musk has not yet responded to the report.
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Just two days ago, Musk proposed a subscription plan for Twitter users who have not yet been verified. By charging $8 a month, users can get the blue checkmark in addition to other "perks" such as priority in replies and mentions and search, which he said is "essential to defeating spam." He said Twitter Blue will have fewer ads and provide the ability to post longer videos and audio.
The monthly verification fee, Musk said, would also give Twitter a revenue stream to reward content creators.
The announcement came one day after Musk was reportedly going to start charging nearly $20 a month for the feature.
Musk took control of Twitter last week and immediately ousted the CEO, chief financial officer and the company’s top lawyer. The world's richest man paid $44 billion for the company. He's wants to increase revenue at the company.
FOX Business and FOX Television Stations contributed to this report.