The housing market has always been volatile for investors but it was recently that 900 people got to know how volatile it can be for the people working in the industry as well. Better.com is one of the first digital companies who is focused on providing affordable home ownership opportunities to its clientele. You may think that the company is quite innovative and a pioneer in its industry and that would be correct but all this innovation actually has a dark side as well.
Recently a video went viral where Better.com CEO Vishal Garg was seen firing 900 employees in a single Zoom call. He seemed very compassionate and also shared how he cried the last time he had to let someone go. However his action was met with a very strong reply from the public and the employees of the company. Video of the CEO firing 900 people at once got viral and he was at the brunt of it all. People were calling him cruel for his actions especially close to Christmas which is a holiday in many parts of the world.
On the video, the CEO mentioned market efficiency productivity and performance as the reason for firing his employees however internal reports highlight that he accused those employees of stealing from their colleagues. These new comments have also garnered a lot of negative publicity which had forced Garg to take some time off.
Will there be any repercussions of his actions? Will there be any legal issues? We’ll just have to wait and see.