Mortgage Company CEO Gives 900 Employees The Boot In The Worst Way Possible

The chief executive of a New York City-based mortgage company fired 900 employees Wednesday over a video conference.

Vishal Garg, the founder of Better.com, told hundreds of his employees participating in the video conference that he did not have “great news,” adding that he had cried the last time he had to make such an announcement.

“The market has changed, as you know, and we have to move with it in order to survive,” Garg said.

“This isn’t news that you’re going to want to hear … If you’re on this call, you part of the unlucky group being laid off. Your employment here is terminated effective immediately,” Garg said, adding it was a decision that he hadn’t wanted to make.

The company, backed by Softbank, announced in May that it was going public through a special purpose acquisition company (SPAC), allowing it received a $750 million cash infusion as part of the deal. At this time Better.com is projected to see over $1 billion on its balance sheets.

It has been confirmed that Garg wrote a post on the professional network website Blind condemning employees for stealing from customers.

“You guys know that at least 250 of the people terminated were working an average of 2 hours a day while clocking 8 hours+ a day in the payroll system,” Garg said.

“They were stealing from you and stealing from our customers who pay the bills that pay our bills. Get educated,” he added.