U.S. President Joe Biden commented on Friday on billionaire Elon Musk's acquisition of "Twitter," saying the latter bought a social media platform that spreads lies around the world.

Biden added: "What worries us all now is Elon Musk buying a tool that sends and spreads lies worldwide. How can we expect children to have the ability to perceive risks?"

The new owner of "Twitter" commented on the layoff campaign he conducted after acquiring the company, which sparked significant controversy in the past few hours.

On Friday, "Twitter" began a large wave of layoffs, informing each employee individually via email whether they would stay or leave, and banned employees from entering offices and the site's internal systems overnight.

This step comes after a week of chaos and uncertainty about the company's future under Musk, the richest person in the world, who confirmed that the platform is witnessing a "huge decline in revenue" amid advertisers withdrawing their funding.

In his latest tweet on "Twitter," the American businessman justified the decision to lay off employees, revealing the compensations they received, saying:

Regarding reducing Twitter’s workforce, unfortunately, there is no choice when the company loses more than 4 million dollars a day.

Everyone who left the service was granted 3 months compensation, which is 50 percent above the legally required amount.

The company remained silent about the size of the layoffs, although internal plans Reuters reviewed this week indicate that Musk is looking to lay off about 3,700 employees from "Twitter," about half the company's workforce, while seeking to cut costs and impose new work rules.

Thursday's message reviewed by "Reuters" stated: "In an attempt to put Twitter on the right track, we will go through a tough process to reduce our global workforce on Friday."

Musk has already fired senior employees, such as the CEO and top executives in finance and legal sectors, and others, including directors of advertising, marketing, and human resources departments, have left the company over the past week.

Employees working in engineering, communications, product, content management, and machine learning ethics were among the first affected by the layoff campaign, according to tweets by "Twitter" employees.

Some employees tweeted that they were denied access to the company’s electronic system and expressed concern about whether this indicated their layoff.

Twitter employees filed a class-action lawsuit against the company on Thursday, accusing it of conducting mass layoffs without notifying employees with the legally required 60 days’ notice prior to dismissal, which constitutes a violation of federal law and California state law.

The lawsuit requested the federal court in San Francisco to issue an order preventing "Twitter" from demanding laid-off employees to sign documents without informing them of their legal status.