started · updated
Better Home & Finance ousts founder Vishal Garg as CEO
Vishal Garg, the founder of Better Home & Finance who gained notoriety for firing 900 employees via Zoom in 2021, has been removed from his position as CEO. The company's board ousted Garg on August 3, appointing Daniel Lewis to lead the mortgage lender instead.
Garg is contesting the decision through legal counsel and has expressed a desire to return to his role. He has offered to work for a symbolic salary of $1 per year until the company achieves profitability. Garg claims the leadership change occurred just as the company was nearing a turnaround, citing the use of AI to improve mortgage processing efficiency.
The company has faced significant financial decline, with annual sales dropping from $1.5 billion in 2021 to $70 million in 2023. Its market valuation has also plummeted from a pandemic-era peak of $8 billion to approximately $300 million. Following the announcement of the leadership change, the company's stock price fell by 45%.
Entities
Better Home & Finance · Daniel Lewis · Neo Home Loans · Securities and Exchange Commission · Vishal Garg
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 2 SOURCES] Vishal Garg offered to work for a symbolic salary of $1 per year until the company becomes profitable. adevarul.ro · eldiariony.com
- [● 3 SOURCES] Daniel Lewis was appointed to replace Vishal Garg as CEO. internewscast.com · adevarul.ro · eldiariony.com
- [○ 1 SOURCE] The company's stock price declined by 45% following the leadership change. adevarul.ro
- [● 2 SOURCES] Better Home & Finance annual sales fell from $1.5 billion in 2021 to $70 million in 2023. internewscast.com · eldiariony.com
- [● 2 SOURCES] The company's market value dropped from an $8 billion pandemic-era valuation to approximately $300 million. internewscast.com · eldiariony.com
- [● 2 SOURCES] Vishal Garg has hired a lawyer and is seeking to be reinstated as CEO. adevarul.ro · eldiariony.com
- [● 3 SOURCES] Vishal Garg previously fired 900 employees during a Zoom call in December 2021. internewscast.com · adevarul.ro · eldiariony.com
- [● 3 SOURCES] Vishal Garg was removed from his position as CEO of Better Home & Finance on August 3. internewscast.com · adevarul.ro · eldiariony.com