Better.com CEO apologizes after laying off 900 employees via Zoom call

(Reuters) - The chief executive of Better.com apologized for his manner of handling layoffs at the mortgage company after a video of him firing 900 people last week via a Zoom call went viral on social media. Vishal Garg, who has come under intense criticism after the SoftBank-backed company laid off about 9% of its workforce through the video call, said he had "blundered the execution" of communicating the layoffs. "I realize that the way I communicated this news made a difficult situation worse," Garg said in a letter dated Tuesday. The CEO had cited the market, performance and productivity as reasons behind the decision to lay off employees in the United States and India. Better.com said in May it would go public through a merger with blank-check firm Aurora Acquisition Corp, in a deal that valued it at $7.7 billion. Earlier this month, the terms were amended to provide Better.com with half of the $1.5 billion committed by SoftBank immediately, instead of waiting till deal close. Founded in 2016 and headquartered in New York, Better.com offers mortgage and insurance products to homeowners through its online platform. Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Better.com CEO apologizes after laying off 900 employees via Zoom call
Better.com CEO apologizes after laying off 900 employees via Zoom call

(Reuters) - The chief executive of Better.com apologized for his manner of handling layoffs at the mortgage company after a video of him firing 900 people last week via a Zoom call went viral on social media.

Vishal Garg, who has come under intense criticism after the SoftBank-backed company laid off about 9% of its workforce through the video call, said he had "blundered the execution" of communicating the layoffs.

"I realize that the way I communicated this news made a difficult situation worse," Garg said in a letter dated Tuesday.

The CEO had cited the market, performance and productivity as reasons behind the decision to lay off employees in the United States and India.

Better.com said in May it would go public through a merger with blank-check firm Aurora Acquisition Corp, in a deal that valued it at $7.7 billion.

Earlier this month, the terms were amended to provide Better.com with half of the $1.5 billion committed by SoftBank immediately, instead of waiting till deal close.

Founded in 2016 and headquartered in New York, Better.com offers mortgage and insurance products to homeowners through its online platform.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.