● Covered by 1 source · 1 reportLow impact1 neutral
Former Better Home & Finance CEO Vishal Garg Seeks Reinstatement After Ouster
Key points
- Vishal Garg was fired as CEO of Better Home & Finance on August 3.
- Garg claims he was close to achieving a company turnaround.
- Better's valuation dropped from $8 billion to $300 million.
- Garg attributes his ouster to Daniel Lewis, his replacement.
Former CEO's Dismissal and Rebuttal
Vishal Garg, the former CEO of Better Home & Finance, was dismissed from his role on August 3. Garg asserts that his removal was orchestrated by Daniel Lewis, his successor, who he claims gained the board's confidence under false pretenses. Garg believes he was on the cusp of a significant turnaround for the company.
Company's Financial Trajectory and Challenges
Better Home & Finance experienced a substantial decline in valuation, from $8 billion during the pandemic-fueled refinancing boom to $300 million currently. The company's annual sales plummeted from $1.5 billion in 2021 to $70 million in 2023. This downturn followed the implosion of its core refinancing business due to rising mortgage rates.
Claimed Turnaround Efforts and Partnerships
Garg states that Better was on track to achieve $200 million in sales this year, attributing this to a pivot towards using AI models for mortgage processing. He highlights a partnership with Neo Home Loans, which reportedly doubled productivity and reduced loan origination costs by 50%. Additionally, Intuit, Coinbase, and OpenAI reportedly partnered with Better this year for mortgage services, and the company developed a home equity line of credit business.
Past Controversies and Reputation
Garg's tenure was marked by several controversies, including the widely publicized layoff of 900 employees via Zoom in 2021, a subsequent leave of absence, a whistleblower lawsuit (later dropped), and an SEC investigation (which yielded no findings). A 2023 SPAC merger also led to a 93% drop in the company's stock. Garg acknowledges his "hard-nosed" approach and the damage to the company's reputation from the Zoom layoffs.
✨ This summary was generated by AI from the outlets' reporting listed below. It is not independently verified and may contain errors — check the original sources. How BrevFeed works →
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Reporting from
Vishal Garg, the former CEO of Better Home & Finance, claims he was unjustly fired on August 3 and seeks to regain his position. Garg states he was on the verge of turning the company around, citing increased sales and new partnerships, despite a history of controversies including mass layoffs and a significant drop in company valuation.