Indian-American CEO who fired 900 on Zoom is himself ousted

Indian-American entrepreneur Vishal Garg, who became a global symbol of ruthless layoffs after firing 900 employees in a three-minute Zoom call in December 2021, has been removed as chief executive of Better Home & Finance. Better's board voted unanimously to terminate him in early August, citing concerns about his 'judgment, temperament and credibility.' Daniel Lewis, a hedge-fund manager who had joined the board only a week earlier, was appointed interim CEO.

The board also pointed to losses exceeding $1.5 billion since 2022 and a more than 90% decline in Better's stock price during Garg's leadership. Garg, who founded the company in 2014 and grew it during the pandemic refinancing boom to a valuation of about $8 billion, now insists he was removed just as the firm was approaching a turnaround. He told CNN: 'We're winning. We've tripled loan volume. We're close to profitability.' He also said he felt 'hoodwinked' by Lewis, alleging the new board member had praised the company's strategy before taking over.

Garg has hired a prominent law firm to regain the CEO position and has offered to work for $1 a year until Better returns to profitability. He claims backing from shareholders with special voting powers. Better, once valued at $8 billion, now has a market value of roughly $300 million. Annual sales fell from $1.5 billion in 2021 to $70 million in 2023, though Garg expects 2026 revenue of $200 million.