900 Startup Employees Suddenly Fired Via… Zoom, Just Before The Holidays
Vishal Garg, CEO of Better.com startup specializing in mortgage lending, coldly announced the layoffs of 900 employees via the Zoom platform just before Christmas and New Year.
"If you're on this call, you are part of the unlucky group that is being laid off. Your employment here is terminated effective immediately." Garg coldly announced the layoffs of more than 900 employees. The man then said employees may receive an email from human resources detailing severance benefits.
The company’s CFO, Kevin Ryan, said: "Having to conduct layoffs is gut wrenching, especially this time of year. However a fortress balance sheet and a reduced and focused workforce together set us up to play offense going into a radically evolving homeownership market."
Meanwhile, Vishal Garg used harsher words. The CEO accused the employees of "stealing" from colleagues and customers by being unproductive, working only 2 hours a day. CNN also described the CEO's words as short and emotionless.
"This is the second time in my career I'm doing this and I do not want to do this. The last time I did it, I cried," Garg said on the call.
The main reasons for the shocking layoffs were attributed to market efficiency, performance and productivity.
Backed by Softbank, the company raised $750 million last week and was preparing to go public through a SPAC. The company is set to have more than $1 billion in cash on its balance sheet.
In the past, Garg has been at the center of controversy when he used vulgar and condescending words in emails to employees.
"You are TOO DAMN SLOW. You are a bunch of DUMB DOLPHINS... SO STOP IT. STOP IT. STOP IT RIGHT NOW. YOU ARE EMBARRASSING ME," Garg wrote in an email to his employees, revealed by Forbes.
H/T: CNN
Source: CNN
"If you're on this call, you are part of the unlucky group that is being laid off. Your employment here is terminated effective immediately." Garg coldly announced the layoffs of more than 900 employees. The man then said employees may receive an email from human resources detailing severance benefits.
The company’s CFO, Kevin Ryan, said: "Having to conduct layoffs is gut wrenching, especially this time of year. However a fortress balance sheet and a reduced and focused workforce together set us up to play offense going into a radically evolving homeownership market."
Meanwhile, Vishal Garg used harsher words. The CEO accused the employees of "stealing" from colleagues and customers by being unproductive, working only 2 hours a day. CNN also described the CEO's words as short and emotionless.
Source: Net Worth Birthday
"This is the second time in my career I'm doing this and I do not want to do this. The last time I did it, I cried," Garg said on the call.
The main reasons for the shocking layoffs were attributed to market efficiency, performance and productivity.
Backed by Softbank, the company raised $750 million last week and was preparing to go public through a SPAC. The company is set to have more than $1 billion in cash on its balance sheet.
In the past, Garg has been at the center of controversy when he used vulgar and condescending words in emails to employees.
"You are TOO DAMN SLOW. You are a bunch of DUMB DOLPHINS... SO STOP IT. STOP IT. STOP IT RIGHT NOW. YOU ARE EMBARRASSING ME," Garg wrote in an email to his employees, revealed by Forbes.
H/T: CNN
Share this article
Advertisement