VIshal Garg, head of the mortgage and real estate start-up Better, apologized for the dismissal of 900 employees in a zoom call after clips of the incident went viral and resulted in the resignation of executives, as reported by Bloomberg .
“I made the decision to lay off, but messed up on communication,” Garg said in an apology posted on the company’s website. “I deeply regret this and I am determined to learn from this situation and do more to be the boss you have asked me to be.”
On November 30, the day before the mass layoff, the Softbank-backed startup announced an agreement that provided Better with immediate bridge funding of $ 750 million. The company is aiming to go public this quarter through a merger with a listed special purpose vehicle.
Despite the cash injection, Garg told employees attending the Zoom conference that he had “no great news” because the market had changed and the company “needed to go along with it to survive,” as out of the Recordings published on Youtube emerges from the video conference. “It’s my decision in the end, I want you to hear it from me. We’re laying off 15 percent of the workforce, ”Garg continued. “If you’re on that call, you’re part of the unlucky group. Your employment has ended. ”The notice of termination applies immediately.
Garg’s actions sparked outrage, prompting the company’s marketing director and vice president of communications to file their resignations over the past week. The heads of communication and public relations also resigned in the last two days.
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