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Vishal Garg: Better.com boss fires 900 employees over Zoom
A tech founder spoke of having the strength to hold back tears as he laid off 900 employees over a brutal one-way Zoom call just before Christmas.
Vishal Garg, chief executive of mortgage lender startup Better.com said: “I come to you with not great news”, at the beginning of an awkward video call made on Wednesday last week.
Despite the $7bn unicorn company receiving a $750m (£564m) cash infusion from investors last week Garg said broke the news: “If you’re on this call, you are part of the unlucky group being laid off.
“Your employment here is terminated effective immediately.” The 43-year-old cited changes in the market, giving “efficiency” and “productivity” as the reasons behind the mass firing.
“The market has changed … we have to move with it in order to survive. Ultimately it was my decision and I wanted you to hear it from me.
“This is the second time in my career I’m doing this and I do not, do not want to do this. The last time I did it, I cried. This time I hope to be stronger.
Mr Garg, wearing the tech entrepreneur uniform sleeveless vest, finished by saying: “I wish you all the best of luck.”
Kevin Ryan, Better.com’s chief financial officer, said the company had laid off 9 per cent of its employees after the call, according to Forbes.
“Having to conduct layoffs is gut-wrenching, especially this time of year; however, a fortress balance sheet and a reduced and focused workforce together set us up to play offense going into a radically evolving homeownership market.”
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