Indian-American entrepreneur Vishal Garg, who became globally known after firing 900 employees in a brief Zoom call in 2021, has now himself been removed as CEO of Better Home & Finance.
Garg was ousted in early August after Better’s board, excluding Garg, unanimously voted to terminate him. Daniel Lewis, a hedge-fund manager who had joined the company’s board only a week earlier, was appointed interim CEO.
The board cited concerns over Garg’s “judgment, temperament and credibility.” It also pointed to losses of more than $1.5 billion since 2022 and a collapse of over 90% in Better’s stock price during his tenure.
The development marks another dramatic turn in Garg’s corporate journey.
Born in India and raised in New York, Garg studied at Stuyvesant High School and later graduated from New York University’s Stern School of Business. Before launching Better in 2014, he co-founded online student lender MyRichUncle.
Better grew rapidly during the pandemic-era refinancing boom and was once valued at nearly $8 billion.
But Garg became internationally controversial in December 2021 after abruptly informing more than 900 employees on a Zoom call that they were being laid off with immediate effect.
The move triggered widespread criticism and badly damaged Better’s image. Garg later took a temporary leave of absence before returning as CEO.
Years later, he has acknowledged that the episode hurt the company’s reputation.
However, Garg insists that he was removed just when Better was nearing a turnaround.
“We’re winning. We’ve tripled loan volume. We’re close to profitability,” Garg told CNN, claiming the company was at the “5-yard line” after years of rebuilding.
He also said he felt “hoodwinked” by Lewis, alleging that the new board member had earlier praised the company’s strategy before eventually taking over as interim CEO.
Better’s financial position has changed sharply from its pandemic peak.
The company, once valued at around $8 billion, now reportedly has a market value of roughly $300 million.
Annual sales fell from around $1.5 billion in 2021 to $70 million in 2023. Garg, however, says revenue in 2026 is on track to reach around $200 million.
The company has increasingly turned to artificial intelligence to automate mortgage processing and has also expanded into home-equity lending.
Garg is not giving up his position without a fight.
He has hired a prominent law firm in an attempt to regain the CEO post and has even offered to work for just $1 a year until Better returns to profitability.
He also claims to have the support of shareholders who hold shares with special voting rights.
“It’s an acknowledgment that I’ve been doing this for 10 years, but execution hasn’t been perfect,” Garg told CNN.
He added that he hopes the dispute will be resolved and said he continues to believe Better has a strong future.
For Garg, the situation has created a striking corporate irony: the CEO who once became famous for abruptly firing hundreds of employees is now fighting to get his own job back.
