The president of a real estate company decided lay off approximately 9% of its workforce through a meeting via Zoom.
During a Better.com company webinar, which took place last Wednesday, the same Better.com company CEO, Vishal Garg, announced that more than 900 employees they would be fired, including the diversity, equity and inclusion hiring team.
Garg simply made the announcement as follows: “If you are on this call, you are part of the unfortunate group that is being fired. Your employment here is terminated with immediate effect. “
In the announcement, which was recorded and later seen by a CNN reporter, the manager is seen informing employees to expect an email from the Human Resources area with details about benefits and severance pay.
During the call, which was short and unemotional, Garg cited market efficiency, performance and productivity as the reason behind the layoffs.
“This is the second time in my career that I have done this and I don’t want to. The last time i did i cried“Garg said on the call.
CEO himself accuses employees of stealing
However, on its website, the magazine Fortune reported, just days after carrying out the layoffs, that Garg accused employees of “stealing” from colleagues and clients, from being unproductive and working only two hours a day through an anonymous professional network.
Kevin Ryan, CFO of Better.com said in a statement to CNN that “having to make layoffs is heartbreaking, especially at this time of year. However, a balance of strength and a small and focused workforce together prepared us to play offense and enter a radically evolving home ownership market. “
Better.com is a mortgage lender that has been endorsed by Softbank. Last May it announced that it would go public through a SPAC (for special purpose acquisition company). Last week, according to CNN, he received $ 750 million in cash as part of the deal. “The company is prepared to have more than a billion dollars on its balance sheet.”
Vishal Garg, say the media that have followed his trajectory, has been involved in other controversies.
This happened to him when Forbes released an email he sent to staff in which his style was evident.
In August, The Daily Beast reported that one of Garg’s most loyal legal representatives “received huge benefits, such as millions of dollars in stock options that could be purchased immediately, not comparable to other employees.” That person, the outlet reported, was placed on administrative leave for harassment.