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Vishal Garg net worth 2021: Better.com CEO goes viral for firing 900 employees over brutal zoom call

Better Mortgage CEO, Vishal Garg (Image via Better Mortgage)
Better Mortgage CEO, Vishal Garg (Image via Better Mortgage)
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Abhirup Sengupta

The $7.7 billion unicorn, Better.com, announced a nine percent layoff with their CEO, Vishal Garg, via a Zoom meeting. Better.com, the online mortgage and homeownership firm, revealed that it had terminated 900 employees, effective immediately.

The viral video of the Zoom call where all 900 employees and CEO Vishal Garg was recorded by an employee who got fired. The CEO cites market performance, work efficiency, and productivity as the mass layoff in the video.

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At the start of his announcement, Vishal Garg says,

“I come to you with not great news. The market has changed, and we have to move with it to survive so that hopefully, we can thrive and hopefully deliver on our mission.”

Better Mortgage CEO Vishal Garg’s net worth

just when you thought 2021 couldn't get any more insane.. Vishal Garg, the CEO of @BetterDotCom fired 900 of his employees over a two and a half minute virtual #Zoom meeting !! wow.. this takes things to a whole new level of low for a horrible year..youtube.com/watch?v=gpjqbv…

According to multiple publications, Vishal Garg is worth around $4 billion. He began his career in creating his ventures at the age of 21 when he dropped out of the investment banking analyst program at Morgan Stanley. Garg then started a loan-service firm specially catered to students in 2000. Five years later, the firm was acquired by Merrill Lynch.

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From 1999 to 2014, Vishal Garg also served as the founding partner of 1/0 Capital, an investment holding company specializing in consumer fin-tech. In 2014, Vishal founded Better Mortgage, which grew around 400% in 2020.


What did Better.com CEO Vishal Garg say to the 900 employees?

900 at Better.com let go on a webinar. Devices shut off immediately after. 3 minute call. No remorse. What a terrible way to do things. CEO Vishal Garg’s “dumb dolphins” (as he refers to them) now unemployed for the holiday season. Disgusting tbh

The Indian-American CEO addressed the employees by saying,

“This isn’t the news you are going to want to hear. But ultimately, it was my decision, and I wanted you to hear it from me. It’s been a really, really challenging decision to make.”

He further added,

“If you’re on this call, you are part of the unlucky group being laid off. Your employment here is terminated effective immediately.”
The CEO @ Better.com laying off 15% of workforce right before the holidays. Absolute horrible move on his part and making it all about himself. Hope those laid off bounce back quick! #better https://t.co/7r6WGoTqoN

Garg (43) also revealed that this is not the first time he has laid-off employees, and he said that he cried the last time he had to do a mass layoff.

He iterated,

“This is the second time in my career I’m doing this, and I do not, do not want to do this. The last time I did it, I cried. This time I hope to be stronger.”

What did the laid-off employees receive?

The US-based employees will receive four weeks of severance pay, along with one month of benefits, as well as two months of cover-up pay for which Better.com will carry the premium. Terminated employees will also reportedly receive an email from the firm's HR department that will outline additional details regarding the benefits to which they are entitled.


Edited by Yasho Amonkar
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