Better.com CEO Vishal Garg Fires Over 900 Employees Over Zoom Call in US

“If you're on this call, you are part of the unlucky group that is being laid off,” Garg said on the call.

By Press Trust of India | Updated: 7 December 2021 17:42 IST

Better.com CEO Vishal Garg Fires Over 900 Employees Over Zoom Call in US

Photo Credit: LinkedIn/ Vishal Garg

Vishal Garg informed the more than 900 employees on the call that they were being terminated

Highlights

Garg said employees could expect an email from Human Resource department
Garg accused the employees of "stealing" from their colleagues
Among those fired were diversity, equity, and inclusion recruiting team

An Indian-origin CEO of a US-based homeownership company has abruptly fired more than 900 employees, about 9 per cent of its workforce, on a Zoom webinar, citing market efficiency, performance and productivity as the reasons behind the move.

On a Zoom webinar last Wednesday, Better.com CEO Vishal Garg abruptly announced that the mortgage company is laying off about 9 per cent of its workforce, CNN reported.

Garg cited market efficiency, performance, and productivity as the reason behind the firings, the report said.

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"If you're on this call, you are part of the unlucky group that is being laid off," he said on the call."Your employment here is terminated effective immediately," Garg said.

.@betterdotcom's CEO @vishalgarg_ lays off ~900 employees right before the holidays and ahead of the company's public market debut.

The firm also got a $750 million cash infusion from its backers THIS WEEK, which include @SoftBank. pic.twitter.com/F8EfSkCRF6
— Bucky with the Good Arm (@benjancewicz) December 3, 2021

The CEO informed the more than 900 employees on the call that they were being terminated just before the holidays, the report said.

He then said employees could expect an email from the Human Resource department, detailing benefits and severance.

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"Having to conduct layoffs is gut wrenching, especially this time of year," CFO Kevin Ryan said in a statement to CNN Business.

"However a fortress balance sheet and a reduced and focused workforce together set us up to play offence going into a radically evolving homeownership market."

Meanwhile, Fortune reported that Garg accused the 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. The last time I did it, I cried," Garg said on the call.

Among those fired were the diversity, equity, and inclusion recruiting team.

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