Employees were informed Thursday via a memo that Twitter would be cutting down its workforce. It was already planning broad layoffs prior to Musk’s acquisition of the social media platform, and it would have affected up to a quarter of the staff, unnamed sources told the Washington Post. The move would have been part of cost-saving measures taken by the board meant to save the company $700 million.

“I realize many are angry with me,” Dorsey tweeted of his former employees Saturday. “I own the responsibility for why everyone is in this situation: I grew the company size too quickly. I apologize for that.”

The company had a purported 2,000 employees just before going public in 2013, according to its filings with the Securities and Exchange Commission. Since Dorsey stepped down from Twitter’s board and Musk took over as CEO, there are over 7,500 employees.