Video of Better CEO Vishal Garg Firing 900 Employees Over Zoom Viewed Over 300K Times
CEO of Better.com, Vishal Garg, fired 900 of his employees over a Zoom call and the video has since gone viral. Garg invited the employees to the call on December 1 and explained to them the reasons why they were being laid off.
The mortgage company CEO insisted market changes, efficiency, productivity and performances were the key reasons he had to fire these people.
The video has begun circulating on social media and Garg has faced significant criticism for terminating so many employees ahead of the Christmas holidays.
Multiple videos of the Zoom call can be found online with two of these videos combining for over 300,000 views.
Vishal Garg: “I wish I didn’t have to lay off 900 of you over a zoom call but I’m gonna lay y’all off right before the holidays lmfaooo”pic.twitter.com/6bxPGTemEG
— litquidity (@litcapital) December 5, 2021
Garg said: "Hi everyone, thank you for joining, 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.
"This isn't news you are going to want to hear but ultimately it was my decision and I wanted you to hear it from me. It has been a really challenging decision to make, this is the second time in my career that I am doing this and I do not want to do this. The last time I did it I cried, this time I hope to be stronger.
"We are laying off about 15 percent of the company for a number of reasons. The market, efficiency, performances, and productivity.
"If you are in this call you are part of this unlucky group that is being laid off. Your employment here is terminated effective immediately."
Following the call, Garg reiterated his stance and accused some of his workers of being lazy on a blogpost on Blind.
He said: "You guys know that at least 250 of the people terminated were working an average of 2 hours a day while clocking 8 hours+ a day in the payroll system? They were stealing from you and stealing from our customers who pay the bills that pay our bills. Get educated."
Newsweek has contacted Better.com for comment.
Garg later confirmed to Fortune that he was the person who wrote the post despite it being written under the username "uneducated."
He told Fortune: "I think they could have been phrased differently, but honestly the sentiment is there."
The layoffs came just days after the company received a $750 million cash infusion with a valuation of $7 billion, according to Forbes.
