The CEO of Better.com, who went viral in the video of him firing his employees over Zoom , agreed to lose $200 million in boondoggle.
The CEO of the Better.com company , Visahl Garg , known for his viral video in which he “unfairly” fired more than 900 employees over a Zoom call , has gone viral again for a video in which he admits having wasted 200 million dollars.
The video, obtained by TechCrunch, shows Garag admitting that he was guilty of “failure to judiciously manage the company’s cash and hiring strategy,” which even led to the firing of another 3,000 company workers .
“Today we recognize that we over-hire and hire the wrong people. And in doing so we fail. I failed. I was not disciplined in the last 18 months. We made $250 million last year, and you know what, we probably wasted $200 million,” he says. “We probably could have made more money last year and been meaner and hungrier.”
a rotten leadership
Better.com is a mortgage lender startup.
After receiving a $750 million cash injection and maintaining a valuation of around $7 billion, Garg bluntly informed his 900 employees that they would be laid off in a cold and awkward one-way video ad.
“This is the second time in my career that I’ve done this and I don’t want to do it. The last time I did it, I cried; this time I hope to be stronger, “she said on that occasion. “If you are on this call, you are part of the unlucky group that is being fired. Your employment here ends with immediate effect.”
“I wish you the best of luck in your new endeavors,” he concluded on the call.
Following the video’s release, Garg issued an apology for the case . “I want to apologize for the way I handled the layoffs last week.” “I failed to show the proper amount of respect and appreciation for the people affected and for their contributions to Better. I am the owner of the decision to make the dismissals, but by communicating it, I screwed up the execution”.
The embattled CEO then accused “at least 250” laid-off employees of stealing from the company and customers by working just two hours a day.
Following the mass layoff, TechCrunch reported that key workers including Vice President of Communications Patrick Lenihan, Head of Public Relations Tanya Gillogley, and Head of Marketing Melanie Hahn have tendered their resignations.