Better com
About Better com
Better com, the digital mortgage lender, laid off 900 employees on a Zoom call in December 2021, one of the most criticized layoffs in tech history. CEO Vishal Garg berated employees in the call. Better had been valued at 6.9 billion after a SPAC merger. The company was hit by rising interest rates that reduced mortgage demand. Garg received a 26 million bonus after the layoffs. Better went public via SPAC in August 2021 at 17 per share. The stock fell below 1. Better did mass layoffs multiple times in 2022 and 2023, reducing headcount from 10,000 to under 1,000. The company was investigated by the SEC. The case illustrates the risks of SPAC mergers and poor executive behavior.
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