Better.com CEO fires 900 employees on Zoom call
The head executive of online mortgage lender Better.com laid off 900 employees on a Zoom.
“If you’re on this call, you are part of the unlucky group that is being laid off,” Garg said on the call, a recording of which was viewed by CNN Business. “Your employment here is terminated effective immediately.”
Vishal Garg, the New York-based company’s CEO, struck an unapologetic tone when announcing the mass firings to affected workers on the now-viral call, a recording of which was later posted on TikTok, YouTube and other social media platforms.
“This is the second time in my career I’m doing this and I do not want to do this. The last time I did it, I cried,” Garg said on the call.
Garg cited market efficiency, performance and productivity as the reason behind the firings.
The CEO was later outed as the anonymous author of a scathing blog post which slammed Better.com employees on the professional network Blind.
“You guys know that at least 250 of the people terminated were working an average of 2 hours a day while clocking 8 hours+ a day in the payroll system?” the father of three wrote.
“They were stealing from you and stealing from our customers who pay the bills that pay our bills. Get educated,” he added.
Garg reportedly has built a reputation for having high expectations and punishing employees over tiny infractions.
Office managers were once reportedly criticized for failing to keep the mini-fridge stocked with Fiji and Perrier water.
In another email obtained by Forbes last year, Garg wrote: ‘You are TOO DAMN SLOW. You are a bunch of DUMB DOLPHINS and…DUMB DOLPHINS get caught in nets and eaten by sharks. SO STOP IT. STOP IT. STOP IT RIGHT NOW. YOU ARE EMBARRASSING ME.”
The company announced in May that it plans to go public through a SPAC, or special-purpose acquisition company, at a $7.7 billion valuation.