Vishal Garg, Infamous for Laying off 900 Employees on Zoom Call, Has Been Ousted as Better Home & Finance CEO
Vishal Garg, infamous for laying off 900 workers over Zoom, has been ousted as CEO of Better Home & Finance. Citing heavy losses and credibility concerns, the board replaced him with Daniel Lewis. Garg is now fighting his dismissal, offering to work for USD 1 a year to reclaim his position.
Indian-American entrepreneur Vishal Garg, who gained global notoriety after laying off 900 employees in a three-minute video call, has himself been removed as chief executive of Better Home & Finance. The leadership change took place in early August when hedge-fund manager Daniel Lewis joined the board and assumed the role of interim CEO.
The corporate board voted unanimously to terminate Garg, citing serious concerns regarding his professional judgment, temperament, and credibility. Directors pointed to cumulative losses exceeding USD 1.5 billion since 2022 alongside a sharp decline in the company's stock value during his tenure. Talents in Demand: Experienced Tech Professionals See Stronger Hiring Despite Layoffs.
Boardroom Conflict and Leadership Turmoil
The high-profile ouster marks another tumultuous chapter for the digital mortgage platform. Garg founded the company in 2014, but his leadership became internationally controversial in December 2021 when he abruptly terminated hundreds of workers just before the holiday season. Although he previously returned following a brief leave of absence, the firm struggled significantly after the pandemic-era refinancing boom subsided. Market capitalisation plummeted from an estimated USD 8 billion peak down to approximately USD 300 million.Â
As per a The Times of India report, Garg contends that he was pushed out precisely as the business approached a major operational recovery. He asserted that loan volumes have tripled and operations are nearing profitability. Furthermore, Garg claimed he felt misled by Lewis, stating that the incoming executive expressed public support before orchestrating his removal within days of joining the board.
Better Home & Finance Future Outlook and Reinstatement Efforts
Better Home & Finance has increasingly integrated artificial intelligence tools to streamline mortgage processing and expand its home-equity lending portfolio. Despite falling annual sales from USD 1.5 billion in 2021 to USD 70 million in 2023, corporate projections indicate a partial rebound toward USD 200 million in revenue. Did Anthropic CEO Dario Amodei’s Wife Cami Clark Seek Fund From Jeffrey Epstein for Her 'Luxury P*rn Company' After His 2008 Conviction?.
Refusing to accept the decision quietly, Garg has retained legal counsel to contest his termination. Backed by supportive shareholders holding special voting shares, he has offered to work for a symbolic salary of USD 1 per year until profitability is fully restored. Legal and corporate representatives continue to review governance frameworks as the dispute unfolds.
(The above story first appeared on LatestLY on Aug 15, 2026 07:43 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
