A digital mortgage lender valued at $7 billion laid off hundreds of workers in the most pandemic way possible just weeks before Christmas.
In a three-minute town hall Zoom call on December 1, Better.com CEO Vishal Garg informed nearly 900 employees that they were losing their jobs.
"I come to you with not great news," CEO Vishal Garg said in the video, which has since been published on YouTube and TikTok. "This isn't news that you're going to want to hear, but ultimately it was my decision and I wanted you to hear it from me."
Before dropping the bomb, Garg admitted it wasn't an easy decision to make.
"This is the second time in my career doing this and I do not, do not, want to do this. The last time I did it, I cried. This time, I hope to be stronger," he said.
"We are laying off about 15 percent of the company," Garg continued. "If you're on this call, you are part of the unlucky group being laid off. Your employment here is terminated effective immediately."
Garg cited "market efficiency, performances and productivity" among the reasons for the layoffs.
"I wish the news was different. I wish we were thriving as enthusiastically as we were at the beginning of this year. That's not the case," Garg said. "I am sure you will leave us and be more successful, more fortunate and luckier in your next endeavor. I wish you all the best of luck."
Employees watching the video were shocked.
"You gotta be kidding me. After all we did for the company," one woman said. "This is not real. Oh my God. I can't believe this. This can't be happening."
Another worker couldn't hide his anger. "F--k you, dude," he said as Garg made the announcement.
In a following statement, CFO Kevin Ryan said having to conduct the layoffs is "gut wrenching, especially this time of year."
"However a fortress balance sheet and a reduced and focused workforce together set us up to play offense going into a radically evolving homeownership market," Ryan told CNN Business.
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