A viral video circulating social media shows the CEO of online mortgage company Better.com firing nearly 900 employees all at once – over Zoom.
“I come to you with not great news. The market has changed, as you know. And we have to move with it in order to survive so that, hopefully, we can continue to thrive and deliver on our mission,” CEO Vishal Garg says in the clip.
“If you’re on this call, you are part of the unlucky group being laid off. Your employment here is terminated effective immediately.”
Better.com is a company valued at about $7 billion, and it does not appear that the CEO or other top company officials took a pay cut from their million-dollar salaries to also allow the company to “thrive and deliver” on its mission.
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10 Responses
I don’t see the guy as being aloof. How should he have delivered the news?
He’s a real nutjob.
Convenient
After this story went viral, several of the company’s top executives submitted their resignations in protest and SoftBank indicated it may reconsider its financial infusion via SPAC. While these types of layoffs may be necessary, both the timing (before the goiyeshe holidays) and the virtual (Zoom) format and comments by this CEO were beyond belief. Sadly, one of my first reactions was a sense of relief the CEO was not a yid while feeling the pain of the poor woman in the background audio on the tape of the call.
I’m not sure what you want from the guy. If you think he shouldn’t fire them and pay them anyway well maybe you should pay them. And you expect him to have 900 private meetings? It’s an impossible ask.
2 week notice, how does that work?
We got our mortgage through them this past August. Locked in a fantastic 30 year rate at 2.75%, but had I known this is the way the company operates, I would have steered a different direction. They have been so slammed with mortgage applications, I find it confusing as to why they are laying off folks.
Unfortunate. Hopefully, they didn’t enforce c19 shot mandates and fought and continue to fight to defend their employees who want to claim an exemption from that evil. This would help their image somewhat for potential customers who might consider doing business with them despite this impersonal and cold way to terminate so many employees remotely and detachedly at one time.
Last year, he received a $25 million bonus, paid entirely in cash.
listen its not fun to get fired but the guy is the ceo and business is business. why does he have to take a paycut? this is not some non-profit org. its a company thats tryin to make $$$.