What Happened to Vishal Garg?
Vishal Garg, founder of digital mortgage lender Better.com, gained notoriety for a mass layoff via Zoom in December 2021, leading to a temporary leave and subsequent return as CEO. After Better.com went public via SPAC in 2023 amid significant financial losses, Garg was terminated as CEO on August 3, 2026. He is currently attempting to regain control of the company, claiming majority shareholder support, a move the board has rejected while accusing him of delaying SEC filings and potential securities law violations.
Quick Answer
Vishal Garg, the founder of Better.com, was terminated as CEO on August 3, 2026, following years of controversy, including a widely criticized mass layoff via Zoom in 2021, and significant financial losses for the publicly traded company. As of August 14, 2026, Garg is actively fighting to reclaim leadership, asserting he has secured majority shareholder backing to reconstitute the board. However, Better.com's board has rejected his demands, citing concerns over his judgment, temperament, and credibility, and has accused him of potential securities law violations and intentionally delaying a quarterly SEC filing.
📊Key Facts
📅Complete Timeline15 events
Better.com Founded
Vishal Garg founded Better.com, initially acquiring Avex Funding to establish operating infrastructure and lending licenses.
Better Mortgage Platform Launched
Better.com launched its consumer-facing digital mortgage platform, Better Mortgage, aiming to simplify the home buying process.
Better.com Reaches $6 Billion Valuation
Better.com received $500 million in funding from SoftBank Vision Fund, bringing its valuation to $6 billion.
Mass Layoff via Zoom Call
Vishal Garg laid off approximately 900 employees (about 9% of the workforce) during a three-minute Zoom call, citing market efficiency, performance, and productivity.
Garg Apologizes for Layoff Handling
Following widespread backlash, Garg issued an apology for his handling of the layoffs, admitting he 'blundered the execution.'
Garg Takes Leave of Absence
Better.com's board announced that Vishal Garg would be taking time off, and consultants would be brought in to address company culture and leadership.
Garg Returns as CEO
Vishal Garg officially returned to his role as CEO after a hiatus, with the board stating confidence in his commitment to leadership changes.
Further Mass Layoffs
Better.com conducted another significant round of layoffs, cutting approximately 3,000 employees (about 35% of its staff) in the U.S. and India.
Better.com Goes Public via SPAC
After multiple delays, Better.com completed its reverse merger with Aurora Acquisition Corp., becoming publicly traded as Better Home & Finance Holding Company. The stock price plummeted over 90% post-listing.
Trussle Divestiture
Better.com sold its UK digital mortgage broker, Trussle (operating as Better.co.uk), to British property platform OneDome.
AI Platform Integration with ChatGPT Enterprise
Better.com launched an integration with OpenAI's ChatGPT Enterprise, providing loan officers with a conversational user interface connected to its Tinman underwriting engine.
Announces Stock Offering and UK Bank Sale
Better Home & Finance Holding Co. announced a $69 million stock offering and plans to divest Birmingham Bank, acquired in 2023, to improve its balance sheet.
Garg Terminated as CEO, Daniel Lewis Appointed Interim CEO
Vishal Garg was terminated as CEO of Better Home & Finance Holding Company, with Daniel Lewis, a board member, appointed as interim CEO. The company initially stated it was a 'mutual agreement,' but the board later clarified it was a unanimous termination.
Garg Attempts to Regain Control
Vishal Garg announced he had secured signed declarations from shareholders holding a majority of Better.com's voting power and demanded the resignation of most board members to reclaim control.
Board Rejects Garg's Demands, Alleges Misconduct
Better.com's board unanimously rejected Garg's demands, citing concerns about his judgment, temperament, credibility, and cumulative GAAP net losses. The board also accused him of refusing to execute mandatory SEC filing letters and suggested possible U.S. securities-law violations.
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🔍Deep Dive Analysis
Vishal Garg founded Better.com in February 2014, launching its consumer-facing digital mortgage platform, Better Mortgage, in January 2016, with the aim of simplifying the homeownership process. The company experienced rapid growth, securing significant funding rounds and reaching a valuation of $6 billion by April 2021.
A pivotal moment in Garg's career and Better.com's history occurred in December 2021 when he controversially laid off approximately 900 employees, about 9% of the workforce, during a three-minute Zoom call just weeks before the holidays. The incident drew widespread condemnation, exacerbated by Garg's subsequent accusations on an anonymous professional network that some laid-off employees were 'stealing' from the company by being unproductive. This led to Garg taking a temporary leave of absence in December 2021, during which the company's board initiated a leadership and cultural assessment.
Garg returned as CEO in January 2022, with the board expressing confidence in his commitment to making leadership changes. However, Better.com continued to face challenges, including further rounds of layoffs in March and April 2022, and a shrinking mortgage market. After multiple delays, Better.com completed its reverse merger with Aurora Acquisition Corp. and went public as Better Home & Finance Holding Company in August 2023. The public listing proved disastrous, with the stock price plummeting over 90% from its initial valuation.
Throughout 2024 and 2025, Better.com focused on restructuring, divesting assets like UK digital mortgage broker Trussle in May 2025, and pivoting towards an AI platform, including an integration with OpenAI's ChatGPT Enterprise in March 2026. Despite these efforts, the company continued to incur substantial losses, with cumulative GAAP net losses exceeding $1.5 billion since 2022.
On August 3, 2026, Better Home & Finance Holding Company announced that Garg was stepping down as CEO, with board member Daniel Lewis appointed as interim CEO. However, the board later clarified on August 14, 2026, that Garg was unanimously terminated due to concerns about his 'judgment, temperament and credibility,' and his track record of 'value destructive leadership.' In a dramatic turn, on August 13, 2026, Garg announced he had secured signed declarations from shareholders representing a majority of the company's voting power and demanded the resignation of most board members to regain control. He proposed working for a $1 salary until profitability, investing $5 million personally, and a $30 million stock buyback. The board swiftly rejected his demands, accusing him of refusing to execute mandatory representation letters for a Form 10-Q filing, seemingly to extract concessions, and suggesting possible U.S. securities-law violations.
What If...?
Explore alternate histories. What if Vishal Garg made different choices?