- Indian-American entrepreneur Vishal Garg, who became infamous for firing 900 employees in a three-minute Zoom call, is fighting to reverse his own dismissal as CEO of Better Home & Finance, claiming his replacement hoodwinked him.
- Better's valuation collapsed from about $8 billion during the pandemic refinancing boom to roughly $300 million today, with annual sales plunging from $1.5 billion in 2021 to $70 million in 2023.
- Better endured a whistleblower lawsuit (later dropped), an SEC investigation (no action), mounting losses, and a disastrous 2023 SPAC merger after which shares plunged 93 per cent; the board cited concerns over Garg's judgment, temperament and credibility and losses exceeding $1.5 billion since 2022.
- Garg claims Lewis hoodwinked him, saying Lewis praised the company on X to gain board access and win confidence, and Garg has hired prominent lawyer Alex Spiro to demand reinstatement.
- Garg is offering to work for $1 a year until the company returns to profitability, after which he would transition out of the CEO role.
- Garg claims the company is recovering, citing tripled loan volume and near profitability, and compares its progress to reaching the 5-yard line in football.
Vishal Garg, the controversial CEO of Better.com, is fighting his ouster after being replaced by Daniel Lewis on August 3. Garg claims Lewis 'hoodwinked' him into believing in the company's strategy, which he now disputes. Garg has hired attorney Alex Spiro and is demanding reinstatement.178
In a dramatic turn of events, Garg offered to work for just $1 a year until Better.com returns to profitability, after which he would step down. He asserts that the company is on the verge of recovery, stating, “We’re winning. We’ve tripled loan volume. We’re close to profitability.”9
Garg's tenure has been marred by controversy, particularly after he laid off over 900 employees in a viral Zoom call in December 2021, which became a symbol of harsh corporate practices. Since then, Better.com has faced significant challenges, including a drop in annual sales from $1.5 billion in 2021 to just $70 million in 2023 and a market value decline from $8 billion to approximately $300 million amid rising mortgage rates.23456
The board's perspective contrasts sharply with Garg's claims, citing concerns over his “judgment, temperament and credibility” and reporting losses exceeding $1.5 billion since 2022. Better.com has also dealt with a whistleblower lawsuit, an SEC investigation, and a disastrous SPAC merger that saw shares plunge 93 percent.
“Garg has hired prominent lawyer Alex Spiro and sent the board a letter demanding reinstatement, offering to work for $1 a year until profitability. The board cites losses exceeding $1.5 billion and concerns over his 'judgment, temperament and credibility'.”
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