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.

Twitter did not immediately respond to a Reuters request for comment.

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.