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In an unprecedented move, Elon Musk is on the brink of reducing Twitter’s workforce by nearly 50%, affecting around 3,700 employees.

This massive reduction comes from various reports including Bloomberg News and Reuters, signaling a significant shift within the social media giant.

As of Friday, Twitter employees began receiving notifications regarding their employment status, with many taking to the platform itself to share news of their layoffs under the hashtag #OneTeam.

Among them, Simon Balmain, a former community manager from the UK, shared his sudden job loss on Twitter.

“Looks like I’m unemployed y’all.

Just got remotely logged out of my work laptop and removed from Slack,” he tweeted, expressing dismay over the manner of his departure.

This cost-cutting endeavor occurs merely a week after Musk completed his acquisition of Twitter in a staggering $44 billion deal.

Following this takeover, Musk didn’t waste any time reshaping the company’s top hierarchy; he dismissed CEO Parag Agrawal, CFO, and the chief legal officer among others, indicating a major overhaul at Twitter’s highest levels.

Attempts to reach Twitter for a comment on these sweeping layoffs were met without response.

Analysts speculate that Musk’s aggressive job cuts are a direct consequence of the acquisition’s inflated price tag.

Dan Ives of Wedbush, speaking to CBS MoneyWatch, estimated that Musk overvalued Twitter by around $20 billion.

This discrepancy, according to Ives, necessitates a drastic reduction in workforce—ranging from 30% to 50%—to recoup the overspent funds.

Twitter’s financial health has been waning, evidenced by a $270 million loss and diminishing ad revenue growth in its latest quarterly report.