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.