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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.
C merger that sent the company’s stock cratering 93% and years of mounting losses
93%?! Fucking hell, that's really bad.
Maybe I'm stupid, but how does a mortgage company lose valuation when premiums increase?
Like hello, your returns are now greater than before. Did they make some AI calculation, for locked interest rates for their customers and then financed it by taking on fluid interest rates as a company?
Their whole business model was based around getting people to refinance. When rates are up, people don't refinance.
US mortgages are almost always fixed-rate, so increased interest rates don't change the premiums for existing mortgages, hence the drive to refinance when rates are low.
US mortgages are almost always fixed-rate
A lot of them are variable-rate which is just insane. You're allowing your mortgage lender to charge you whatever interest rate they feel like charging, with your only out being the hassle of refinancing.
I've read that that's common in other countries, but I haven't heard of any here.
says he was fired on August 3 just as he brought the company to the precipice of success.
Generally when people talk about success they don't describe it as a "precipice"...
Maybe that's why the company fell 93%, the CEO thought taking a dive off a cliff was a "success"
the precipice of success.
Shouldn't this be the foothills of success. If it's a precipice then the way ahead is down.
Vishal Garg feels duped.
The irony.
Fuck you, Vishal Garg.
Also, fuck Mark Zuckerberg, just because I haven't said it yet, today.
Fuck Mark Zuckerberg.
Throughout all of this, Mark could not be more disappointing. Despite saying in his note that “we are doing everything to get him free,” he doesn’t seem to be worried about Diego in the slightest. He seems to see this, first and foremost, as an opportunity to write a great Facebook post. A heartwarming story. If he cared even slightly about Diego’s welfare, or felt responsible for him as his boss, he wouldn’t be insisting on posting his little message to the world, something that could do great harm, before he goes out to dinner.
I just read that book. God damn is Zuck a wanker. On the other hand, the author was just nuts for ever thinking Faceblerk was anything other than what it is.
The author was naive and childlike, but I mean that without insult. Those people are good to have in policy and on ethics committees.
Somewhere in the multiverse Facebook may have been more utopian (see her Christchurch example), but in this universe Zuckerbergs lack of life experience (and morals) have it chasing the wrong metrics.
I wish him very little success in his future endeavours.
I read the article. What a fucking whinger. What does he want? Empathy?
No empathy for CEOs.
Sorry, your former role is better carried out by AI and at a far lower price point. In fact, we’re about to replace the entire C-suite with AI.
I feel sorry that it didn't happen weeks before the holidays like what he did to his own employees. Let him sit with failure through Christmas dinner.
I can only hope he finds himself in financial distress and has to worry about how he'll pay his bills. Saying he'll work for $1 a year tells me that's probably not going to happen.
He could probably live out the rest of his life on just one years worth of grotesquely huge bonuses that a common worker can't even make after 40 years of work. Fuck that guy. He should just go away.
Comment above said his net worth is something like 2 billion. Let's say he had that in cash and just did a HYSA and got 3.25% on it and just tried to live on the interest alone.
That's be 65 million per year. Sure, taxes would take a bite out of that. Even if it took half (not likely), I'm sure most people could find a way to get by on 32.5 million per year...
But I’m booooorrreeeeeed.
Give me people to push around. For billions of dollars.
Vishal Garg. Net worth ~$2 billion.
His name should be in the headline.
Fuck off, Vishal Garg, you whiny, little bitch. We shouldn't allow billionaires to exist.
the AI mortgage company’s market value stands at just $300 million.
I don't specifically know how bad I feel for those 900 employees getting fired from such a scuzzy business, but I can say for sure that I hope there's a Hell for people like Vishal Garg.
Edit: His whining in the article is gold, by the way, for anyone who hasn't read it.
I was in the process of buying a house when he did the firings. About the sign the final paperwork and suddenly my agent is just gone with zero answers from Better. Deal almost fell apart. My dude was about to have his first kid. I was so pissed and wished I could switch to a different company. I will never use Better again.
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.
"I was just about to hit it big!" claims man who lost life savings at roulette table.
The only way the irony could have been tastier would have been this occurring during the holidays. Still tasty nonetheless.
after all it's going to be xmas soon...





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