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Better Home & Finance leadership and financial volatility

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2026-08-16 10:06 UTC → 2026-08-16 16:24 UTC · added ~~removed~~

Better Home & Finance has undergone intense leadership instability and financial volatility. While the company reported a 38% year-over-year increase in second-quarter loan volume to $1.67 billion and a 28% rise in net revenue, it announced it would miss its September adjusted-EBITDA break-even goal. Interim CEO Daniel Lewis noted the firm must prove consistent execution and cost reductions before setting new targets. This financial pressure coincided with a power struggle involving founder Vishal Garg. After securing support from a majority of voting power, Garg claimed he was “hoodwinked” by Lewis during the leadership transition and proposed a plan that included the resignation of most directors. To incentivize a turnaround, Garg offered to work for $1 until the company achieved profitability. Ultimately, the board terminated Garg, citing concerns regarding his “judgment, temperament and credibility.” The decision follows a period of significant decline, including losses exceeding $1.5 billion since 2022 and a stock price drop of over 90% since its 2023 SPAC merger. Daniel Lewis, a hedge-fund manager who had joined the board only days prior to his appointment, has succeeded Garg as CEO. The company’s market value has fallen to approximately $300 million from a pandemic-era peak of $8 billion. Garg, who previously gained notoriety for terminating approximately 900 employees during a Zoom call in December 2021, has expressed shock at the decision, claiming he was “betrayed” and “hoodwinked” by Lewis. Following his removal on August 3, Garg is now seeking to regain his position as CEO. He alleges that Lewis gained the board's confidence by praising the company's strategy on social media before attempting to seize control.

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