Meet Vishal Garg, Ceo Of Better.com Who Lays Off 15% Staff In Viral Zoom Call
3 min read
A start-up founded in 2014 by Vishal Garg, Better.com announces a huge layoff of employees during a zoom meeting call just before the holiday season. Around 900 employees or 9% of the company workforce were laid off and one of the employees recorded the meeting that went viral on various social media platforms. The start-up has headquarters in New York and raised 400 million dollars in funding till now. Better.com has funded around 45 billion dollars in home loans and ranked in the top Start-ups List By LinkedIn in 2021 and 2020 as well.
Meet Vishal Garg, CEO Of Better.com
According to Forbes, Vishal Garg, 42-year-old, is archetypal tech CEO of Better.com. The behavior of Garg forced many employees to quit but all this has been overshadowed by Garg’s contribution to building Better.com. Garg, the founder of venture-backed online mortgage just, secured a 4 billion dollars valuation.
https://t.co/bmtdxpWtto CEO Vishal Garg announced the mortgage company is laying off about 9% of its workforce on a Zoom webinar, abruptly informing the more than 900 employees on the call they were being terminated just before the holidays. https://t.co/3MfOSkR6XH
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At the age of 21, Garg left his Analyst job to commence a private student lending company which was gained by another firm. He is a graduate of New York University. Vishal Garg’s current net worth and salary are unspecified, but, in 2020, received a bonus of; 25 million dollars. According to his profile, he calls his employees’ dumb dolphins who get caught in nets and eaten by sharks. Last year, business magazine Forbes; acclaimed the entrepreneur as brilliant, brash, mercurial.
Founder Of Better.com laid Off 15% Staff On Zoom Call
During a zoom call meeting on December 1, Wednesday, Vishal Garg, founder of Better.com, laid 15% of staff. Around; 900 employees of the organization faced layoffs unexpectedly. Vishal Garg announced that this is; not the news that; you wanted to hear. If you are on this call, then; you are part of that unlucky group that is being laid off. He added that there is no good news as the market has changed and we have to move in order to survive so that hopefully, they can triumph on our mission.
The decision is completely is by me (Garg), and I wanted you to hear from me. He added it’s, been a really challenging decision to make. He cleared that this is the second time he has had to take such a decision in his career and doesn’t want to do this. The last time he did it, her cried but this time, he hoped to be stronger. The reasons that Garg mentioned for the layoff were market, efficiency, performance, and productivity. According to reports, lay-offs will receive four weeks of severance, two months of cover-up, and one month of full benefits.
The Video Gets Reaction By Netizens
An employee in the meeting recorded the call, and the video went viral. CFO Kevin Ryan of Better.com said having layoffs is gut-wrenching, especially at this time of the year. According to reports, the company got a cash infusion of $750 billion and is, valued at around $7 billion.
