Vishal Garg, the founder and CEO of Better.com has fired 900 staff over a recent Zoom call.
In his address to the employees who had no idea that they were about to be sacked, Garg said Better.com is laying off about 15% (it is actually 9%) of its employees because the market has changed.
“Hi everyone, thank you for joining. I come to you with not great news. The market has changed, as you know, and we have to move with it in order to survive so that hopefully we can continue to thrive and deliver on our mission.
“This isn’t news that you’re going to want to hear but ultimately it was my decision and I wanted you to hear it from me. It’s been a really, really challenging decision to make. This is the second time in my career that I’m doing this and I do not want to do this. The last time I did it I cried. This time I hope to be stronger. But we are laying off about 15% of the company for [a number of] reasons: the market, efficiency and performances and productivity.
“If you’re on this call you are part of the unlucky group that is being laid off. Your employment here is terminated. Effective immediately.”
The sack over Zoom came as a surprise to many considering the fact that Better.com just raised $750m from Softbank.
Better.com’s chief finance officer, Kevin Ryan, said in a statement: “Having to conduct layoffs is gut-wrenching, especially this time of year.”
He added, however, that having “a fortress balance sheet and a reduced and focused workforce” was necessary to take on the “radically evolving homeownership market”.
Garg’s leadership and management style has been quite questionable. He has previously been lambasted after an email that he sent to staff that was obtained by Forbes last year.
In the email, he wrote: “You are TOO DAMN SLOW. You are a bunch of DUMB DOLPHINS… SO STOP IT. STOP IT. STOP IT RIGHT NOW. YOU ARE EMBARRASSING ME.”
