IT’S A START: Elon Musk plans to cut 3,700 jobs, half of Twitter.

Elon Musk plans to cut about 3,700 jobs at Twitter Inc or half of the company’s workforce in a bid to cut costs, Bloomberg News reported on Wednesday, citing people familiar with the matter.

Twitter’s new owner will inform the staff affected on Friday, according to the report.

Bloomberg also reported that Musk intends to reverse the social media company’s existing work from anywhere policy and will require employees to work from office though some exceptions 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 Nov. 1 to avoid stock grants due on the day.

Speaking of the New York Times, last year, the paper reportedly employed 5,000 people. Why does Twitter need 2,400 more employees than one of the world’s biggest newspapers?