VISHAL Garg is the CEO of Better.com, a direct lender providing online mortgage financing for homeowners.
On Wednesday, December 1, 2021, Garg reportedly laid off hundreds of employees via a Zoom call.
What is Vishal Garg's net worth?
While an exact record of Vishal Garg's financial standings is not publicly available, the Better.com CEO is estimated to have a net worth of at least $1billion.
According to The Daily Beast, Garg received a $25million cash bonus for the holidays in 2020.
The Daily News Catcher has Garg's net worth estimated at around $4billion, while the Better company itself is estimated to be worth around $7.7billion.
In November of 2020, Garg reportedly invested $10million into AlphaFlow, a platform for investing in real estate debt.
The Daily Beast also reported that Better received $750million in cash as part of a deal to go public in May of 2021, with $500million of the money coming from SoftBank.
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What happened with Vishal Garg on Zoom?
On Wednesday, December 1, 2021, Vishal Garg reportedly fired over 900 employees over a Zoom call.
According to CNN, about nine percent of the Better.com workforce was laid off, right before the holidays.
"If you're on this call, you are part of the unlucky group that is being laid off," Garg said on the call, which has since gone viral.
"Your employment here is terminated effective immediately."
The diversity, equity, and inclusion recruiting team were reportedly among those fired.
"Having to conduct layoffs is gut wrenching, especially this time of year," Better.com CFO Kevin Ryan said in a statement to CNN.
"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."
This is not the first time Garg has seen controversy with his employees. In a 2020 email obtained by Forbes, Garg refers to his staff as "dumb dolphins."
"You are TOO D**N SLOW. You are a bunch of DUMB DOLPHINS… SO STOP IT. STOP IT. STOP IT RIGHT NOW. YOU ARE EMBARRASSING ME," he wrote.
Who is Vishal Garg?
Born in India and raised in New York, Vishal Garg is a graduate of Stuyvesant High School.
After graduating from New York University, Garg went on to found MyRichUncle, an online student lender.
He also became a co-founder of One Zero Capital, "an investment holding company focused on creating and investing in businesses at the convergence of consumer finance, technology and digital marketing," according to his LinkedIn profile.
In January of 2014, Garg launched Better.com, to which he has been the CEO ever since.
What is Better.com?
Better.com is a mortgage company that provides a completely online process with rates, loan pre-approvals, and resources are available at all times.
With a multitude of mortgage options available, users typically receive pre-approval in a matter of minutes, and are often able to close a mortgage in as little as three weeks.
The fastest growing homeownership company in America, Better.com has grown over 400 percent since 2020.
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