surprising fact
In Better Home’s announcement of Garg’s departure as CEO, Garg said in a statement that “now is the right time for new leadership” at the firm, adding he was “confident” Daniel Lewis is the “right person to lead the company through this important time in its evolution.” He separately wrote on X that he was “[looking] forward to what the new CEO can do.” Garg’s tone toward Lewis shifted, and on Aug. 15, Garg claimed on X: “The only people who may have committed securities law violations are Daniel Lewis and the board.”
Read more AMC Outage: Reports Of App Issues Spiked As ‘Dune: Part Three’ Tickets Dropped
key background
Garg founded Better Homes in 2016, and the mortgage lender processed more than $110 billion in loans before going public through a SPAC merger in 2023. The firm, backed by SoftBank and Goldman Sachs, was marred by employees who pointed to Garg’s reputation for being a brash leader. Garg called his staff “dumb dolphins” in an email, and in 2021, he fired 900 employees on a Zoom call before later calling them “lazy.” In the complaint, employees allege Garg referred to his staff as “mortgage monkeys.” An internal review prompted by Garg’s behavior found he “failed to set a tone at the top that supported a strong culture of internal controls,” noting the firm had become “less effective than others in our industry at capturing potential customers.” Garg, who was placed on leave after the mass layoff over Zoom, was reinstalled as CEO in 2022.
Read more Northern Lights Could Be Visible From Nine States On Tuesday Night
further reading
ForbesBetter.com CEO Who Fired 900 People On Zoom Is Struggling To Keep His Company AfloatBy David Jeans