According to a New York Times report, Elon Musk intends to fire Twitter employees before the beginning of the following month, so that he can avoid making payments.
In response to the report, he stated: "This is incorrect." After months of legal wrangling, Mr. Musk finally completed his $44 billion (£37.9 billion) acquisition of the social networking company last week.
Top executives of the company, including the chairman, chief financial officer, and chief executive, all left after the takeover.
The New York Times reported over the weekend that Mr. Musk had mandated significant job cuts across Twitter's personnel.
The layoffs, according to the newspaper, would occur prior to 1 November, when employees were scheduled to receive grants of business shares as a significant component of their compensation agreements.
Twitter users have been debating how the platform would change under Mr. Musk's leadership since the acquisition.
Some people have expressed concern that laxer free speech laws would allow persons who were barred for using hate speech or misleading material to return to the platform.
Mr. Musk stated last week that he didn't want the platform to become into a forum for hate and divisiveness.
"Twitter obviously cannot become a free-for-all hell-scape, where anything can be said with no consequences!" he tweeted.
However after denying the New York Times job cuts report, Mr Musk tweeted a screen shot of a New York Times headline about him posting a link to a "site known to publish false news".
The New York Times headline referred to a reply Mr Musk had posted, and then deleted, at the weekend to a tweet by former US presidential candidate Hillary Clinton.
His reply contained a link to a conspiracy theory about an assault on Paul Pelosi, husband of US House speaker Nancy Pelosi.
Separately, in response to a question about users getting verified, and gain a coveted so-called "blue check mark", on the platform, he said the process will be revised.
"Whole verification process is being revamped right now", Mr Musk said without giving further details.
It had been reported that the firm was planning to charge users to become verified.