Better.com CEO apologises for firing 900 employees over Zoom call, says 'blundered the execution'
According to reports, Garg's letter was leaked on social media. It said that he failed to offer the right level of respect and appreciation for the individuals affected and their efforts to Better.
Vishal Garg, CEO of Better.com, has apologised for handling the recent mass layoff at the US-based online mortgage provider. Garg came under fire last week when a video showing him dismissing 900 workers over a Zoom conversation went viral on social media. Garg was heavily chastised when the SoftBank-backed startup sacked 900 employees via video chat, accounting for over 9% of its staff. He admitted that he had "blundered the implementation" of the layoff notification. He attributed the layoffs to market efficiency, performance, and productivity.
According to sources, Garg's letter was leaked on social media. It said that he failed to offer the right level of respect and appreciation for the individuals affected and their efforts to Better. It was reported that he made a choice to make the layoffs, but he blundered in expressing it. He humiliated everyone by doing so. In a letter dated December 7, Garg stated that he realised that the manner he delivered this news exacerbated an already tough situation. Garg cited the market, employee performance, and productivity as reasons for terminating the employees. Employees from the United States and India were among those laid off.
The CEO cited market conditions, performance, and productivity as factors to lay off workers in the United States and India. Better.com announced in May that it would go public through a $7.7 billion merger with blank-check supplier Aurora Acquisition Corp. The terms of the agreement were changed earlier this month to provide Better.com with half of the $1.5 billion pledged by SoftBank immediately, rather than waiting until the transaction was completed. Better.com, based in New York, was formed in 2016 and provides mortgage and insurance products to homes through its online platform.