In a recording of the Zoom call, Garg can be heard saying, "If you're on this call, you are part of the unlucky group that is being laid off. This announcement affected over 900 employees and came directly before the holiday season. A little more than a month after announcing in December that he was "taking time off" from the job, he returned to his position as CEO.īetter had received $750 million in funding from SoftBank and Aurora Acquisition the day before the December layoffs, as part of a plan to go public through a merger with a special purpose acquisition company, or SPAC.Earlier this month, CEO Vishal Garg announced in a Zoom meeting that he would be firing 15% of the company. Garg issued an apology a few days later in the wake of mass resignations from the company's top management, including the vice president of communications, the head of public relations and the head of marketing.
"If you're on this call, you are part of the unlucky group that is being laid off," Garg said during the call, a recording of which circulated on TikTok and YouTube. Vishal Garg, the company's CEO and founder, faced a backlash in December after firing about 900 employees over Zoom. "This was certainly not the form of notification that we intended and stemmed from an effort to ensure that impacted employees received severance payments as quickly as possible," the company said in a statement. Better confirmed that "a small number of employees were unintentionally notified of their separation" from the company early due to payroll notices.
However, some employees learned they were being laid off before being contacted by a supervisor when severance appeared in their payroll account, according to TechCrunch. He said affected employees will get 60 to 80 days of severance and three months of COBRA health care coverage. Ryan said in the letter that affected employees would be notified of their termination in the coming days by a member of the company's leadership team. "We must take the difficult step of streamlining our operations further and reducing our workforce in both the US and India in a substantial way," Interim President Kevin Ryan said in a letter to employees and posted to Better's website Tuesday. , an online mortgage lender, said Tuesday it's making more cuts to its workforce just three months after the company's CEO faced criticism for firing 900 employees over a Zoom call.īetter, which has about 9,000 employees, plans to lay off about a third of its workforce, or about 3,000 employees, according to numbers provided to The New York Times.
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