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Cake day: July 9th, 2023

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  • Garg, who made headlines for laying off 900 employees on a company Zoom just before the 2021 holiday season, says he was fired on August 3 just as he brought the company to the precipice of success.

    Better has been through a lot with Garg at the helm over the past several years. During the pandemic-fueled refinancing boom when mortgage rates were below 3%, the company held an $8 billion valuation. Today, with an imploded refi business and rates closing in on 7%, the AI mortgage company’s market value stands at just $300 million.

    Toss in a leave of absence after the embarrassing Zoom layoff fiasco, a whistleblower lawsuit (it was dropped), an investigation from the Securities and Exchange Commission (nothing came of it), a disastrous 2023 SPAC merger that sent the company’s stock cratering 93% and years of mounting losses … it’s a minor miracle that Garg lasted this long as CEO.

    But Garg says he was just about to deliver on the company’s unlikely turnaround.

    Oh brah, that sucks brah. But look, you know about AI so finding a new job will be a fun exercise for you as you realize all the hiring pipelines are completely broken because of AI.