‘Your employment has ended’: Better.com CEO fires 900 employees over Zoom call. Watch
Highlight
- Better.com CEO fired 900 of his employees in India and the US over Zoom call
- “If You Are On This Call, You Are Part Of The Unlucky Group That Is Being Shut Down”: Vishal Garg On Zoom Call
- Garg reportedly later reprimanded his employees for being “lazy and unproductive”.
In a brutal Zoom call, Vishal Garg, CEO of US-based digital mortgage lending company Better.com, fired 900 of its employees in India as well as the US on a Zoom call ahead of the holiday season. Indian-American CEO Garg said market efficiency, performance and productivity were the reasons behind the massive layoffs.
Garg made a Zoom call to Better.com employees last week. The chief executive of a US-based company began his address by telling his employees that he does not have ‘good news’ to give them, adding that the market has changed and companies need to act accordingly. Is.
“Thanks for joining. I don’t bring you any good news. As you know the market has changed, and we have to move forward with it to survive so hopefully we can continue our mission. And let’s continue,” Garg begins in the viral video.
“We are laying off about 15 percent of the company for a variety of reasons – market, efficiency and performance and productivity,” he says.
The Better.com boss later corrected the figure to 15 per cent, saying the actual number was closer to 9 per cent.
“If you are on this call, you are part of the unfortunate group that is being laid off. Your employment here is terminated with immediate effect.”
Garg said those who have been laid off are paid four weeks of severance, one month full benefits and two months cover-up by the company.
Garg reportedly later reprimanded his employees for being “lazy and unproductive”.
“You guys did know that at least 250 of those fired were working an average of 2 hours a day, while working 8 hours+ a day in the payroll system?” He wrote in a blog post on the network Blind.
They were stealing from you and stealing from our customers who pay the bills that pay our bills.”
Garg, who founded Better.com in 2016, has been in controversy in the past. In the past, in an email, Garg called his employees “dumb dolphins” who “get caught in the nets and are eaten by sharks.”
Garg wrote in the email, “You are too slow.
Better.com has raised more than $400 million in equity capital since its inception. The company was number one. 1 on LinkedIn’s Top Startups list for 2021 and 2020 as well as Fortune’s Best Small and Medium Workplaces in New York. Apart from Better.com, Vishal Garg is also a founding partner of One Zero Capital, an investment holding company.
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