Vishal Garg seeks to retake control of Better Home & Finance

Vishal Garg, the founder and former CEO of Better Home & Finance Holding Co., is attempting to regain control of the company after securing support from shareholders representing a majority of the voting power. Garg, who was recently replaced by interim CEO Daniel Lewis, claims he was “hoodwinked” by Lewis during the leadership transition.

Garg has submitted declarations to the board that could be used to call a special shareholder meeting if his demands are not met. His proposal includes the resignation of all directors except himself, Michael Farello, and Hugh Frater. To incentivize a turnaround, Garg has offered to work for $1 until the company reaches profitability and has proposed repurchasing $30 million of company stock.

The leadership struggle follows a period of significant volatility for the AI-driven mortgage company. After a peak valuation of $8 billion during the pandemic, the company’s market value has dropped to approximately $300 million, with its stock falling over 90% since its 2023 SPAC merger. While the company has reported consecutive quarterly losses, Garg maintains that recent AI integrations and partnerships with firms like OpenAI and Coinbase have positioned the company for a turnaround.