Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom – Tech Mortgage Company

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Just days after receiving a $750 million cash infusion, a tech startup that Forbes branded in October as a “unicorn,” valued at $7 billion, laid off hundreds of employees in a manner that some online deemed “brutal.”, a digital mortgage lender with offices in Oakland, laid off 900 employees weeks before Christmas on a mass Zoom call. Only those being laid off were invited. It is a stark tidal shift for the company, which announced it was going public earlier this year.

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“I come to you with not great news,” CEO Vishal Garg said in the video, which has since circulated on TikTok and YouTube. “The market has changed, as you know, and we have to move with it in order to survive.”

“If you’re on this call, you are part of the unlucky group that is being laid off,” Garg said, citing “market efficiency, performances, productivity” among the reasons for the layoffs.


h/t Swingline

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