Warning: Video Contains NSFW Language
The CEO of mortgage company Better.com, Vishal Garg, just fired around 10% of the company's employees over an awkward Zoom call, right before the holidays. To make matters worse, the company just got a $750M cash infusion from a new agreement with their SPAC backers. The company is preparing to go public and according to one report, they will have around $1B on their balance sheet soon.
The reduction in force means that around 900 people just lost their jobs in the US and India.
The company declined to comment further other than a statement from CFO Kevin Ryan, who said, "A fortress balance sheet and a reduced and focused workforce together set us up to play offense going into a radically evolving homeownership market."
Better.com is said to have a valuation of around $6.9B once the company goes public.
In their defense, the mortgage industry is being predicted to contract significantly after expanding rapidly over the last 18 months due to historically low interest rates. According to anonymous sources, Better seems to be turning to automation for many segments of their business to replace human labor.