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Better.com CEO Vishal Garg apologizes to current employees for ‘blundering’ of mass layoffs; SPAC delayed – TechCrunch

Vishal Garg, CEO of Better.com, seems to be aware that he is doing the wrong thing.

(As if the barrage of negative propaganda wasn’t enough evidence of it).

Today, the letter to the current employee is Leak in the blind By a better employee verified. In the letter, Garg apologized for his way (wrong)Processing last week’s layoff news, he wrote: “I couldn’t show the right amount of respect and appreciation for the affected individuals and their contributions to Better. I have a decision to do a furlough, but tell that. At the time I failed the run. In doing so I confused you. “

Some may argue that he is also embarrassed.

At the beginning of today, sOur company, familiar with what’s happening inside the company, told TechCrunch to Patrick Lenihan, vice president of communications for the company. Tanya Gillogley, Public Relations Director.Marketing Director Melanie Hahn Everyone submitted a resignation.. Insiders also news The beginning of today.

CEO and co-founder Vishal Garg Temporary dismissal of about 900 people, As TechCrunch first reported, it’s widely known for allegations of dishonesty on the part of Garg, including criticism that it’s being processed by Zoom.A meme about the video has also landed At TikTok Just as people around the world have ruined Garg’s actions.

Last week’s move came after digital mortgage lenders announced that they had received about $ 750 million in cash injections. Amendment of SPAC contract Blank check company Aurora Acquisition Corp. And with SoftBank, and soon dismissed about 9% of its 10,000 workforce. The company will be released with a valuation of $ 6.9 billion.

Today, Bloomberg reported: The company is now (naturally) It pushes back the SPAC, which was initially expected to close in the fourth quarter of this year.

I also checked Garg luck This week, the company accused “at least 250” employees of working only two hours a day and stealing from the company and customers. Shortly after Garg announced his furlough, he spoke to the company in a livestreamed city hall. He presented a vision of what he called “Better 2.0” According to a leaked record of a meeting shared with insiders, “a slimmer, mean, hungry workforce.”

TechCrunch has asked Better.com for comment, but hasn’t responded yet at the time of writing. Employees allegedly resigned have not responded to requests for comment.

Better.com isn’t the only SoftBank-backed Proptech executive to resign before its debut. In 2019, Insider also reported more than 12 of WeWork’s top executives I left the company In reports of internal complaints and uncertainties surrounding the IPO program.

At this point all the questions in our minds are whether investors and board members will tolerate this kind of action from Garg, or will he be kicked out. Adam neumann style??

Garg’s reputation for not being a very good person dates back to last year. Forbes The content of the email from Garg to the employee was revealed: “Hello — WAKE UP BETTERTEAM. You are too late. You are a lot of DUMB DOLPHINS … DUMB DOLPHINS is caught in the net and eaten by sharks. Stop it. Stop it. Stop it now. You are confusing me. “

That same Forbes article was the subject of proceedings such as Garg’s “inappropriate and fraudulent activity in two previous business ventures and misappropriation of” tens of millions of dollars “” from PIMCO, Goldman Sachs and others. I made it clear.

The recent decline in refinancing is believed to be a factor in Better.com’s decision to dismiss some employees.

In April 2020, Better.com said it was “actively hiring” as more people were seeking refinancing of their homes in the face of historically low mortgage rates.At that time, I wrote in Crunchbase News that an internal note to Garg employees was a mortgage lending startup. Considering hiring about 1,000 people By 2020, as a whole, “more and more homeowners are going online to meet their needs.”

Better.com CEO Vishal Garg apologizes to current employees for ‘blundering’ of mass layoffs; SPAC delayed – TechCrunch Source link Better.com CEO Vishal Garg apologizes to current employees for ‘blundering’ of mass layoffs; SPAC delayed – TechCrunch

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