Now Reading: Vishal Garg ousted as Better CEO after firing 900 on Zoom
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Vishal Garg ousted as Better CEO after firing 900 on Zoom
Indian-American entrepreneur Vishal Garg has been removed as chief executive of Better Home & Finance, the mortgage company he founded. Better’s board said directors other than Garg unanimously voted to terminate him…
The Story in Brief
Indian-American entrepreneur Vishal Garg has been removed as chief executive of Better Home & Finance, the mortgage company he founded. Better’s board said directors other than Garg unanimously voted to terminate him over concerns about his judgment, temperament and credibility. Daniel Lewis, a hedge-fund manager who joined the board a week earlier, became interim CEO in early August.
The company cited losses of more than $1.5 billion since 2022 and a stock-price fall of over 90% during Garg’s leadership. Garg became internationally known after dismissing more than 900 employees on a three-minute Zoom call in December 2021. He says Better is nearing profitability, has tripled loan volume and that shareholders with special voting powers support his return. He has hired a law firm and offered to work for $1 a year.
The Indian Opinion
The easy story is that a brutal layoff finally came back to haunt its architect. That is satisfying, but incomplete. Better’s collapse from an $8-billion pandemic valuation to roughly $300 million, alongside falling sales and heavy losses, gives the board a business case beyond the Zoom episode. Garg’s turnaround claim also needs proof, not confidence. The figures to watch are revenue, loan volume and the company’s path to profitability in 2026.
Source: timesofindia.indiatimes.com
This story was synthesised by AI from the source linked above.
