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Better.com CEO kicks 900 employees over Zoom




“If you’re on this call, you’re part of the unfortunate group being laid off,” Garg said on the call, a recording of which was seen by CNN Business. “Your employment here is terminated with immediate effect.”

He then said that employees could expect an email from HR with information about benefits and severance pay.

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“Having to lay off layoffs is unparalleled, especially this time of year,” CFO Kevin Ryan said in a statement to CNN Business. “But a fortress balance and a reduced and focused workforce together enabled us to play offensively into a radically evolving market for home ownership.”

Garg mentioned market efficiency, performance and productivity as the reason behind the layoffs. Fortune later reported that Garg accused employees of “stealing” from their colleagues and customers by being unproductive and only working two hours a day.

“This is the second time in my career I’m doing this, and I do not want to do this. Last time I did, I cried,” Garg said at the call, which remained short and numb.

Among those laid off was the recruitment team for diversity, justice and inclusion.

The Softbank-backed mortgage lender announced in May that they would be announced through a SPAC and last week received $ 750 million in cash as part of the deal. The company is prepared to have more than $ 1 billion in the balance sheet.
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Garg has been involved in controversies before, as evidenced by an email he sent to employees obtained by Forbes.

“You’re TOO FUCKING SLOW. You’re a bunch of STUPID DOLPHINS … SO STOP IT. STOP IT. STOP IT RIGHT NOW. YOU ARE PLARNING ME,” he wrote.

The Daily Beast reported in August that one of Garg’s most “loyal lieutenants” received massive benefits, such as stock options worth millions of dollars that could be earned immediately, not comparable to other employees. The person in question was later put on administrative leave for bullying.



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