The chief executive of Better.com has apologized for his handling of layoffs at the mortgage company after a video of him laying off 900 people last week via a call in the Zoom app went viral on social media.
Vishal Garg, who came under intense criticism after the SoftBank-backed company laid off about 9% of its workforce on video calling, said it “was wrong in the execution” of reporting layoffs.
“I know that the way I communicated this news made the difficult situation even worse,” said Garg in a letter dated Tuesday (7).
The chief executive cited the market, performance and productivity as reasons for the decision to fire employees in the United States and India.
Better.com said in May it would go public through a merger with Spac Aurora Acquisition Corp, in a deal that valued it at $7.7 billion.
Earlier this month, the terms were changed to provide Better.com with half of the $1.5 billion promised by SoftBank immediately, rather than waiting until the deal closes.
Founded in 2016 and headquartered in New York, Better.com offers mortgage and insurance products to homeowners through its online platform.
Translated by Luiz Roberto Gonçalves
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I have over 8 years of experience in the news industry. I have worked for various news websites and have also written for a few news agencies. I mostly cover healthcare news, but I am also interested in other topics such as politics, business, and entertainment. In my free time, I enjoy writing fiction and spending time with my family and friends.
