Elon Musk will ax “around 50%” of Twitter’s staff within the next few days, according to a new report. The immediate terminations could save the new Twitter CEO significant money.

Just days after Musk’s goliath $44 billion acquisition of Twitter, a massive amount of layoffs for the big tech company could arrive as early as Saturday.

There could be job cuts of “about 50%” of Twitter’s 7,500-person workforce, according to a report from the New York Times.

“I was told to expect somewhere around 50% of people will be laid off,” Ross Gerber – CEO of Gerber Kawasaki Wealth and Investment Management – told the New York Times. Gerber said he was informed about the layoffs by Jared Birchall – the head of Musk’s family office.

Gerber Kawasaki Wealth and Investment Management has invested nearly $1 million in Musk’s $44 billion takeover of Twitter.

Twitter managers were reportedly told to start making lists of employees who are expendable.