![]() ![]() Then he returned to the role about five weeks later, which triggered an employee exodus as Better workers voluntarily left the company "in droves" to protest his reinstatement. Just over a week after the universally-denounced firings, Better's board of directors announced to the company via email that Garg was "taking time off" as CEO. The housing market started to bounce back and even inflate last fall, and in early December 2021, Garg notoriously laid off 900 people, which accounted for 10 percent of Better's workforce, ahead of the winter holidays. A video of the Zoom call meeting has gone crazy viral on social media where the CEO was seen announcing his decision to the employees. In this first quarter of 2021, it raised $500 million from SoftBank and subsequently announced that it was looking to go public.īut then things went south. By Tiasa Bhowal: Vishal Garg, CEO, fired 900 employees from his company in India as well as in the United States over a Zoom call on December 1. Two of those employees told the outlet that he had actually used the word "bloodbath" to describe the coming year.Unsurprisingly, Better disputes these Theranos-esque allegations, and told the WSJ in a statement that they are "without merit." Rick and Mortgageīilled as an alternative to traditional mortgage lending, Better initially made its name as property rates plummeted during the financial pains of the first year of the COVID-19 pandemic. In a follow-up call, he told the remaining lucky employees that he would be scrutinizing their productivity, some of the participants told Fortune. However, Garg didn't stop after firing those 900 employees. CEO Vishal Garg has announced that 900 employees of the company have been terminated during a Zoom meeting that has since gone viral on social media. ![]() employs 835 people in Charlotte, N.C., 587 in Orange County, California and 546 in the San Francisco Bay Area, according to The Sacramento Bee, plus a smattering in New York City, Texas and India. ![]() Garg, who is married with children, however, blamed the axing on market fluctuations. It will have $1 billion on its balance-sheet shortly, according to a Techcrunch report. The start-up recently received $750 million in investments, and is set to go public. "Are you f-ing kidding me?"ī, a digital mortgage lending startup, was founded in 2014 by Garg. One of those employees blurted out, "F- you, dude," in a clip that was posted online. Vishal Garg on Zoom call firing his employees Twitter The call was recorded by one axed worker filmed who shared it online, complete with a moment where they cursed at Garg, who owns at least $1 billion in equity, as he confirmed the mass lay-offs at, which has offices in San Francisco and Charlotte, North Carolina. At the same time, he also said that the customers were also suffering because of these employees.Ī couple of days after that Zoom call, Garg let fly on an anonymous professional network, this time again accusing those employees of "stealing" and working just two hours a day, reported Fortune. ![]() Moments after firing them, Garg also blasted the 900 sacked employees for being lazy, which was costing the company huge money. The shell-shocked employees couldn't believe Garg's words initially but soon realized that he meant what he said. We are laying off about 15% of the company for a number of reasons â the market, efficiency and performances and productivity." "This is the second time in my career I'm doing this and I do not, do not, want to do this," he said, according to TechCrunch. ![]()
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