Vishal Garg, the CEO who abruptly dismissed 900 employees via Zoom in December 2021, was himself abruptly fired this month by Better Home & Finance's board after the company suffered $1.5 billion in losses and a 90% stock price decline. Garg is now offering to work for $1 a year until the company turns a profit, and he wants five of eight board directors and his replacement CEO Daniel Lewis to step aside. He claims support from over 50% of voting shareholders and calls the board's allegations 'bubkus,' while the board has filed a complaint in the U.S. Southern District of New York accusing him of breaking securities laws with misleading statements. Better, which went public in 2023 with SoftBank backing, is now worth $300 million, a 96% drop from its peak.
Better Home & Finance Holding CompanyCEO ousted, $1.5B losses, 90% stock decline, board lawsuit
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