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

Sharing is Caring!

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.”

Better.com, 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.

See also  Ubisoft NFT are a success: the company made a staggering 380€ in total sales

“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.”

See also  US New Home Sales Crash -14% YoY In December As Median Price Slows To +3.4% YoY (Mortgage Applications Decline As Mortgage Rates Increase)

“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.

www.sfgate.com/tech/article/Better-mortgage-firm-has-mass-layoff-Zoom-16673576.php

 

h/t Swingline

312 views

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.