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Better Founder Who Fired 900 Employees over Zoom Is Now Fighting to Get His Own Job Back
Garg says Better was nearing profitability as AI tools doubled productivity in a test and cut loan-origination costs 50%, according to the company.
- Better founder Vishal Garg is attempting to reclaim his CEO position shortly after being replaced earlier this month by hedge fund manager Daniel Lewis.
- Claiming he was "hoodwinked," Garg told CNN that Lewis praised Better's strategy to gain board trust, then orchestrated his removal roughly a week after joining the board on July 27.
- Betting its recovery on AI-driven mortgage processing, Better achieved 50% loan-origination cost reductions in testing with Neo Home Loans, with Garg contending the company was at the "5-yard line" regarding profitability when removed.
- Shares have fallen 45% since Lewis took over as CEO, with Better's market value declining to about $300 million; Garg hired attorney Alex Spiro of Quinn Emanuel to seek reinstatement.
- Proposing to work for $1 a year until Better becomes profitable, Garg aims to stabilize the lender as it targets $200 million in sales this year following a 93% stock decline after its 2023 SPAC merger.
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Better founder who fired 900 employees over Zoom is now fighting to get his own job back
Garg was replaced earlier this month by Daniel Lewis, a hedge fund manager who joined Better's board on July 27. Garg said Lewis had been advising him for about six months before taking the board seat, offering ideas on cost reductions and profitability.Read Entire Article
Vishal Garg was dismissed from Better and now seeks to regain the position of CEO. He promises to charge only $1 a year until the company becomes profitable again.
Vishal Garg, an executive who became famous in 2021 when he resigned 900 employees for Zoom, was expelled from the position of CEO of Better Home & Finance.
·São Paulo, Brazil
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Total News Sources14
Leaning Left3Leaning Right2Center3Last UpdatedBias Distribution38% Left, 37% Center
Bias Distribution
- 38% of the sources lean Left, 37% of the sources are Center
38% Left
L 38%
C 37%
R 25%
Factuality
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