'Elon Musk plans to cut Twitter staff by 75%'

Twitter did not immediately respond to a Reuters request for comment.

Musk had tried to walk away from the deal to buy Twitter in May alleging the company understated the number of bot and spam accounts on the social media platform, which started a series of lawsuits between the two parties.

The job cuts are expected in the coming months, no matter who owns the company, according to the report. Twitter's current management planned to pare the company's payroll by about $800 million by the end of next year, a number that would mean the departure of nearly a quarter of the workforce, the report said. Earlier this month, Musk reversed course and said he will proceed with the deal on original terms.