Nearly 900 people who work for Digital Mortgage Company Better.com were told last week that they were going to be laid off just a few weeks before the holidays during a mass Zoom meeting.
"If you're on this call, you are part of the unlucky group that is being laid off," Better.com CEO Vishal Garg said Wednesday on the call, a recording of which has since circulated on TikTok and YouTube. "Your employment here is terminated effective immediately."
People who worked for the company in New York were laid off just a few days after it got a $750 million cash infusion from Softbank ahead of plans to go public through a special purpose acquisition company or SPAC.
He said that layoffs were made because of changing market conditions. About 9% of the company's workforce was affected, which reportedly included nearly the entire Diversity and Inclusion Department.
"This isn't news you're gonna wanna hear, but ultimately it was my decision and I wanted you to hear it from me," Garg said awkwardly during the meeting. "The last time I did this, I cried. This time, I hope to be stronger."
Garg has led Better.com since 2014 and has become known for his unorthodox leadership style. Better.com has declined to comment but Garg did release an apology earlier this week to current employees that were not laid off for misrepresenting the company.
Do you or your clients have any experience with mortgages through Better.com? Let us know in the comments or discuss with a classmate in your next class with us!