According to Twitter, it will let its employees know on Friday whether they will be let go of as a result of Elon Musk's acquisition of the company.
The social media giant claimed in an internal memo that the layoffs are "an effort to place Twitter on a healthy path."
The company also stated that credential access would be suspended and that its offices would be temporarily closed.
The multi-billionaire, who acquired Twitter last week for $44 billion (£39.3 billion), will serve as its CEO.
"We will go through the difficult process of reducing our global workforce on Friday," Twitter said in the email.
It added that office access would be limited "to help ensure the safety of each employee as well as Twitter systems and customer data".
According to the email, employees will be informed if they are impacted by Friday at 9:00 Pacific time (16:00 GMT).
According to prior reports in US media, Mr. Musk planned to eliminate 3,700 workers, or roughly half of Twitter's workforce.
According to Bloomberg, who cited unnamed sources, certain senior staff members were requested to compile lists of team members who would be let go.
Binance, a cryptocurrency exchange, made a Twitter investment as part of Elon Musk's takeover. Its top executive, Changpeng Zhao, had previously stated that "a leaner workforce would make more sense."
Speaking at the Web Summit in Lisbon, Mr. Zhao also criticized the platform for being too understaffed to push out new services quickly enough.
Pay to verify
The cost-cutting follows criticism of Twitter's efforts to raise money by proposing to charge $8 a month for a "verified" blue check-mark.
In addition to the verification badge, those who pay could have their tweets promoted more widely and see fewer adverts.
Mr Musk has tweeted of his plan: "We need to pay the bills somehow."
Twitter has not made a profit in several years and its number of users has remained fairly static at about 300 million a month.
Many experts suggest that Mr Musk, the world's richest man, overpaid for the company, given current economic conditions and the depressed values of many tech stocks.
But Brandon Borrman, Twitter's former head of global communications, in a BBC interview, questioned how Twitter could justify asking people to pay in order to remain on an "equal playing field" with other users.
It is not clear how the staff cuts will affect the platform's operations. US reports already speak of long hours spent by some staff to meet Mr Musk's demands in the aftermath of the takeover.
In May, Mr Musk said his work ethic expectations would be "extreme", but less than he demanded of himself.
Board axed
As part of the takeover agreement, nine members of Twitter's board departed the company, leaving self-styled "Chief Twit" Mr Musk as the sole director.
The move was seen as cementing Mr Musk's control over the company. Among those leaving were chairman Bret Taylor and chief executive Parag Agrawal.
Other senior figures have also posted about leaving, or are reported to have left, including chief financial officer Ned Segal.
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