Vishal Garg seeks return to Better Home & Finance CEO role after ouster

Vishal Garg, the co-founder and former CEO of Better Home & Finance, is fighting to regain his position after being removed by the company's board on August 3. Garg, who gained international notoriety in 2021 for firing 900 employees during a brief Zoom call, claims he was “hoodwinked” by his successor, Daniel Lewis. Garg alleges that Lewis gained the board's confidence by praising the company's strategy on social media before moving to take control of the leadership.

The board's decision to terminate Garg cited concerns regarding his “judgment, temperament and credibility.” This leadership change follows a period of significant volatility for the AI-powered mortgage lender. During the pandemic-era refinancing boom, the company reached an $8 billion valuation, but its market capitalization has since fallen to approximately $300 million as mortgage rates rose.

Despite facing a 93% stock price drop following a 2023 SPAC merger and various regulatory and legal challenges, Garg maintains that the company was on the verge of a turnaround. He noted that annual sales are projected to reach $200 million this year, up from $70 million in 2023, driven by new AI-driven mortgage processing capabilities and partnerships with firms such as OpenAI and Coinbase.