INSUBCONTINENT EXCLUSIVE:
Vishal Garg has come under intense criticism after the company laid off about 9% of its workforce.New Delhi: The chief executive of
Better.com apologized for his manner of handling layoffs at the mortgage company after a video of him firing 900 people last week via a Zoom
call went viral on social media.Vishal Garg, who has come under intense criticism after the SoftBank-backed company laid off about 9% of its
workforce through the video call, said he had "blundered the execution" of communicating the layoffs."I realize that the way I communicated
this news made a difficult situation worse," Garg said in a letter dated Tuesday.The CEO had cited the market, performance and productivity
as reasons behind the decision to lay off employees in the United States and India.Better.com said in May it would go public through a
merger with blank-check firm Aurora Acquisition Corp, in a deal that valued it at $7.7 billion.Earlier this month, the terms were amended to
provide Better.com with half of the $1.5 billion committed by SoftBank immediately, instead of waiting till deal close.Founded in 2016 and
headquartered in New York, Better.com offers mortgage and insurance products to homeowners through its online platform.(This story has not
been edited by TheIndianSubcontinent staff and is auto-generated from a syndicated feed.)
