December 9, 2021
1 min read

Better.com CEO Vishal Garg apologises for mass layoffs

Garg laid off nearly 900 employees even after his company, which is a digital mortgage lender, had announced it received a cash infusion of about $750 million from Aurora Acquisition Corp and SoftBank. …reports Asian Lite News

Better.com CEO Vishal Garg, who was massively trolled for laying off 900 employees over a Zoom meeting call last week, has finally issued an apology to his employees, for the embarrassing act that made headlines globally and hundreds of memes on social media platforms.

In a letter to employees that was leaked on Blind, an anonymous community app for the workplace, Garg said: “I failed to show the appropriate amount of respect and appreciation for the individuals who were affected and for their contributions to Better. I own the decision to do the layoffs, but in communicating it I blundered the execution. In doing so, I embarrassed you.”

Among the affected employees was the company’s diversity and inclusion team, according to reports.

A TechCrunch report said on Wednesday that the company’s VP of communications, Patrick Lenihan, head of public relations, Tanya Gillogley, and head of marketing, Melanie Hahn, have all submitted their resignations after the Zoom layoff incident.

Garg laid off nearly 900 employees even after his company, which is a digital mortgage lender, had announced it received a cash infusion of about $750 million from Aurora Acquisition Corp and SoftBank.

The company is expected to go public at a $6.9 billion valuation.

“I realise that the way I communicated this news made a difficult situation worse. I am deeply sorry and am committed to learning from this situation and doing more to be the leader that you expect me to be,” Garg said in his apology letter.

An earlier Forbes article had revealed that Garg was the subject of a number of lawsuits from the likes of PIMCO and Goldman Sachs for things like “improper and even fraudulent activity at two prior business ventures”, and of misappropriating “tens of millions of dollars.”

ALSO READ: 5G should be top priority: Mukesh Ambani

Previous Story

‘Indian economy not immune to global spillovers’

Next Story

Israel extends quarantine length for Omicron patients

Latest from Business

China Curbs Hit India’s Electronics Boom

The ICEA noted this results in delays, inefficiencies, and higher costs — alternatives from Japan or Korea cost up to four times more than Chinese machinery. India’s transformation into a global electronics

India Maps 8.52 MT Rare Earth Reserves

The Atomic Minerals Directorate for Exploration and Research (AMD) and the Geological Survey of India (GSI) are actively exploring and augmenting rare earth resources, while the GSI alone has added 482.6 million

‘India’s Digital Hub Ascends’

The event also featured discussions on the Quad Partnership for Cable Connectivity and Resilience, reiterating commitments made during the July 1 Quad Foreign Ministers’ Meeting India’s growing role as a key digital

India’s Job Market Surges

With hiring levels on the rise, compensation is expected to increase by 12-15% in metro cities and by 18-22% in emerging cities India’s festive season this year is poised to create more
Go toTop

Don't Miss

Very few companies opt for RBI’s restructuring scheme

Less than 1 per cent of the eligible companies opted

TECOM Group raises AED 1.7 bn through IPO

It also points to various market participants’ deep confidence in