CEO Lays off 900 Employees in Shocking Video Call Better.com has let go of 9% of its workforce.

By Emily Rella Edited by Jessica Thomas

Opinions expressed by Entrepreneur contributors are their own.

YouTube
Better.com CEO lays off 900 employees

Bah humbug!

Spirits were not so bright over at Better.com when CEO Vishal Garg laid off 900 employees in a Zoom meeting.

The leaked video footage shows Garg saying that the company will be letting go of 15% of its workforce, though it was later clarified that the layoffs accounted for 9% of employees.

"The market has changed, as you know, and we have to move with it in order to survive," he said. "This isn't news you're gonna wanna hear, but ultimately it was my decision, and I wanted you to hear it from me. It's been a really, really challenging decision to make."

Garg told employees that this is the second time in his career that he's had to deliver mass layoffs and said that he hoped we wouldn't cry during the process this time around.

"If you're on this call, you are part of the unlucky group that is being laid off," Garg explained in the video. "Your employment here is terminated effective immediately."

The woman videotaping the call can be heard crying and pleading to the screen.

"This is not real," she heartbreakingly says. "After everything we did."

Better.com is a digital mortgage and loan website that launched in 2016.

The website is currently down, with a note that says it is "doing a little home improvement."

Reports state that the company is valued at $7 billion after receiving a $750 million "cash infusion" just days ago.

This latest move is not Garg's first bout with scandal at the company.

In an email last November obtained by Forbes, the CEO seemed to verbally abuse employees by calling them dumb and slow.

"You are TOO DAMN SLOW. You are a bunch of DUMB DOLPHINS and…DUMB DOLPHINS get caught in nets and eaten by sharks," the email said. "SO STOP IT. STOP IT. STOP IT RIGHT NOW. YOU ARE EMBARRASSING ME."

Better.com currently has main offices in California, North Carolina and Texas.

Emily Rella

Senior News Writer

Emily Rella is a Senior News Writer at Entrepreneur.com. Previously, she was an editor at Verizon Media. Her coverage spans features, business, lifestyle, tech, entertainment, and lifestyle. She is a 2015 graduate of Boston College and a Ridgefield, CT native. Find her on Twitter at @EmilyKRella.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Business News

'I Love Doing Product Reviews': Bill Gates Stepped Down from Microsoft in 2020, But Admits He Still Spends 15% of His Time Working at the Company

In a new interview with the Wall Street Journal, Gates also said he is still close with Microsoft's CEO Satya Nadella.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Business News

Elon Musk's DOGE Is Hiring People Eager to 'Work Long Hours' to Eliminate 'Waste, Fraud and Abuse' in the Government. Here's How to Apply.

The Department of Government Efficiency is hiring U.S. citizens to help cut spending and headcounts in the federal government.

Franchise

Franchise Models Explained — How to Choose the Right One for Your Goals

Navigating the franchise world starts with understanding key business models. Here's how project-based and subscription franchises differ in investment, scalability, and recession resistance.

Business News

Uber's CEO Says Drivers Have About 10 Years Left Before They Will Be Replaced

Uber CEO Dara Khosrowshahi says the jobs of human drivers are safe for the next decade, but after that, another type of driver will take over.

Business News

'Everyone Can Profit From It': What Is DeepSeek? China's 'Cheap' to Make AI Chatbot Climbs to the Top of Apple, Google U.S. App Stores

DeepSeek researchers claim it was developed for less than $6 million, a contrast to the $100 million it takes U.S. tech startups to create AI.