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The CEO Who Fired 900 People on Zoom Just Before Christmas Wants His Job Back
Garg says he can restore profitability and has enough Class B shares to regain control after the board cited judgment and governance concerns.
- Vishal Garg is demanding reinstatement as CEO of Better Home & Finance Holding Company after the board ousted him on August 3. Garg has retained lawyer Alex Spiro to challenge his removal, claiming he holds sufficient shareholder votes to regain control.
- Following Daniel Lewis's appointment to the board on July 27, he replaced Garg as CEO. Garg alleges Lewis "hoodwinked" him, while board members cited concerns regarding Garg's judgment, temperament, and credibility as reasons for termination.
- Better's stock has fallen 45% since Lewis took over, adding to a year that saw shares down more than 16% prior to Garg's departure. Annual sales plummeted from $1.5 billion in 2021 to $70 million in 2023.
- Offering to work for $1 a year until the company reaches profitability, Garg claims investors have contacted him pleading for his return to lead the turnaround. He promises to step down once profitability is restored.
- As mortgage rates approach 7%, Better's market value currently stands at just $300 million. Despite the leadership dispute, the company continues relying on AI-powered mortgage processing technology and strategic partnerships to drive its turnaround.
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17 Articles
17 Articles
CEO who fired 900 workers on Zoom is fighting to take his job back
Vishal Garg, the founder and former chief executive of Better Home & Finance who drew widespread attention after dismissing roughly 900 employees during a Zoom call just before Christmas in 2021, is now attempting to regain control of the mortgage company he established. Garg was removed as CEO on August 3, only days after Daniel Lewis joined Better’s board and subsequently replaced him. Now Garg says he believes the board made a mistake and tha…
Coverage Details
Total News Sources17
Leaning Left4Leaning Right7Center4Last UpdatedBias Distribution46% Right
Bias Distribution
- 46% of the sources lean Right
46% Right
L 27%
C 27%
R 46%
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