Company lays off 900 employees over Zoom
During a Better.com company webinar last Wednesday, Better.com company CEO Vishal Garg announced that more than 900 employees would be laid off, including the diversity, equity and inclusion hiring team. .
Garg limited himself to making the announcement as follows: “If you are on this call, you are part of the unfortunate group that is being fired. Your employment here is terminated effective immediately.”
During the call, which was short and unemotional, Garg cited efficiency, performance and market productivity as the reason behind the layoffs.
"This is the second time in my career that I've done this and I don't want to do it. The last time I did it, I cried," Garg said on the call.
The same CEO accuses employees of stealing
However, on its website, Fortune magazine reported, just days after carrying out the layoffs, that Garg accused the 900 employees of "stealing" from their colleagues and clients, being unproductive and working only two hours a day. day through an anonymous professional network.
Kevin Ryan, chief financial officer of Better.com, said in a statement to CNN that "having to make layoffs is heartbreaking, especially at this time of year. However, a stock of strength and a lean, focused workforce together prepared us to play offense and enter a radically evolving homeownership market.”
Better.com is a mortgage lender that has been endorsed by Softbank. Last May it announced that it would go public through a SPAC (for special purpose acquisition company). Last week, according to CNN, he received $750 million in cash as part of the deal. "The company is poised to have over a billion dollars on its balance sheet."
Vishal Garg, assure the media that have followed his path, has been involved in other controversies.
In August, The Daily Beast reported that one of Garg's most loyal legal representatives "received huge benefits, including millions of dollars in stock options that could be vested immediately, unmatched by other employees." That person, the outlet reported, was placed on administrative leave for harassment.
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Author: Patricia Chung 1:08 pm