Mr Garg laid off 900 employees during a Zoom call on Wednesday, just weeks before the Christmas break. He told the employees that they were part of an “unlucky group” that was going to be fired “with immediate effect”.
A recording of the Zoom call was leaked online, generating strong criticism of the CEO that escalated after it was revealed that he called the employees “lazy” and accused them of “Steal” in a later anonymous forum post which was later confirmed to be his handwriting.
“I want to apologize for the way I handled the layoffs last week. I did not show the proper respect and appreciation for those affected and for their contribution to Better, ”he wrote. “I own the decision to make the layoffs, but by communicating, I messed up the execution. By doing this, I embarrassed you. “
He said he realized “that the way I communicated this news had made a difficult situation worse”, and that he was “deeply sorry” and “committed to learning the lessons of the situation”.
“I couldn’t be more grateful for all you do for the customers we serve.
“We’ll talk more at our next All Hands meeting about what to expect for the coming year. I hope you will join me for the discussion, ”he wrote. “I believe in you, I believe in Better, and I believe that working together can improve homeownership together. “
Wednesday’s incident was not the first time Mr. Garg has come under fire for allegedly mistreating his employees.
Forbes reported email leaks last year in which Mr Garg compared his employees to “DUMB DOLPHINS” who were “slow” claiming they would be “eaten by sharks”.
In the wake of the massive layoff and the ensuing backlash on social media, critics flooded the Truepilot business review website with negative reviews for Better.com
The digital mortgage company is gearing up to go public and recently received an injection of $ 750 million from investors ahead of its market debut. Its implied valuation is $ 6.9 billion, according to the company.