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Better.com Boss Says Sorry Over Zoom Firings

Vishal Garg cited the market, performance and productivity as reasons behind the decision to lay off employees

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Better.com boss Vishal Garg
Vishal Garg fires 900 employees over a Zoom call. Photo: AF screen grab.

 

The chief executive of Better.com apologised on Wednesday after a video of him firing 900 people in the US and India last week via a Zoom call sparked outrage.

Vishal Garg has come under intense criticism after the SoftBank-backed company laid off about 9% of its workforce through the video call.

Garg held a webinar where he laid off everyone invited to the Zoom call, amounting to 15% of the workforce, just before the holidays.

The Indian-born CEO said he had “blundered the execution” of the layoffs. “I realise that the way I communicated this news made a difficult situation worse,” Garg wrote to employees.

 

Reasons Behind Layoffs

He had cited the market, performance and productivity as reasons behind the decision to lay off employees.

Better.com said in May it would go public through a merger with blank-cheque firm Aurora Acquisition in a deal that valued it at $7.7 billion.

Earlier this month, the terms were amended to provide Better.com with half of the $1.5 billion committed by SoftBank immediately.

Founded in 2016 and headquartered in New York, Better.com offers mortgage and insurance products to homeowners through its online platform.

 

  • George Russell

 

 

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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