By Biodun Busari

The richest billionaire Elon Musk has revealed plans to cut about 3,700 jobs at Twitter Inc which is equally half of the company’s workforce in a bid to cut costs.

Musk, who just acquired Twitter made the revelation on Wednesday according to Bloomberg News citing people familiar with the matter.

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According to the report, the business magnate and investor will inform the staff affected on Friday as he intends to reverse the social media company’s existing work-from-anywhere policy.

He will also require employees to work from the office with some exceptions possible to could be made.

Musk, in a tweet, had denied a New York Times report that said he was planning to lay off Twitter employees before November 1 to avoid stock grants due on the day.

Reuters had reported earlier this week, citing sources that Musk plans to cut a quarter of Twitter’s workforce as part of a first round of layoffs at his recently acquired company.