{"id":1426121,"date":"2022-04-08T16:45:29","date_gmt":"2022-04-08T20:45:29","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1426121"},"modified":"2022-04-08T16:45:32","modified_gmt":"2022-04-08T20:45:32","slug":"bumbling-better-com-ceo-vishal-garg-tells-employees-we-probably-pissed-away-200-million","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bumbling-better-com-ceo-vishal-garg-tells-employees-we-probably-pissed-away-200-million\/","title":{"rendered":"Bumbling Better.com CEO Vishal Garg Tells Employees: \u2018We Probably Pissed Away $200 Million\u2019"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbumbling-better-com-ceo-vishal-garg-tells-employees-we-probably-pissed-away-200-million%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1426121&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p class=\"subheading\">Vishal Garg, the embattled CEO of Better.com, recently informed his employees in a leaked video that the company \u201cprobably pissed away $200 million,\u201d resulting in layoffs. Garg infamously laid off 900 people via Zoom meeting weeks before Christmas last year.<\/p>\n<p>Breitbart News has <a href=\"https:\/\/www.breitbart.com\/tech\/2021\/12\/07\/holiday-bonus-better-com-ceo-vishal-garg-fires-900-employees-over-zoom\/\">previously reported<\/a> on the digital mortgage company Better.com and its CEO Vishal Garg who infamously laid off 900 employees via Zoom in early December.\u00a0Garg accused \u201cat least 250\u201d of the fired staffers of \u201cstealing\u201d from the company by working just two hours a day.<\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<div id=\"attachment_19069546\" class=\"wp-caption alignnone\"><a href=\"https:\/\/media.breitbart.com\/media\/2021\/12\/Better.com-boss-Vishal-Garg.jpg\"><\/a><\/p>\n<p class=\"wp-caption-text\">Better.com boss Vishal Garg<\/p>\n<\/div>\n<p>According to a post on a site called <a href=\"https:\/\/fortune.com\/2021\/12\/03\/better-com-ceo-attacks-laid-off-employees-blind-message-board\/\">Blind<\/a>, Garg wrote: \u201cYou guys know that at least 250 of the people terminated were working an average of 2 hours a day while clocking in 8 hours+ a day in the payroll system? They were stealing from you and stealing from our customers who pay the bills that pay our bills. Get educated.\u201d<\/p>\n<p>Now, TechCrunch <a href=\"https:\/\/techcrunch.com\/2022\/04\/07\/better-layoffs-vishal-garg-leaked-meeting\/\">reports<\/a> that a video has been leaked showing Garg and company CFO Kevin Ryan addressing the remaining employees right after the layoff of 900 employees. In the video, Garg stated:\u00a0\u201cMake no mistake, we did also eliminate redundant roles \u2014 who might be strong performers but were in the wrong place at the wrong time, with the wrong task, and weren\u2019t mission-critical.\u201d<\/p>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<p>Garg admits during the video that the company continued to hire new employees while laying off others, stating in a slightly threatening manner: \u201c\u2026 It\u2019s because we expect those people to be super productive and add value, and if they don\u2019t we will exit them, too.\u201d<\/p>\n<p>Garg went on to say:\u00a0\u201cWe are going to be leaner, meaner, and hungrier going forward. We will not be spending time trying to raise capital. We will not be spending time focused on what investors think. We will be spending time grinding this business forward in what will likely be a bloodbath in the mortgage industry in the next year or two.\u201d<\/p>\n<p>Garg further admitted that he and the company had handled the firm\u2019s cash poorly and in his words \u201cpissed it away.\u201d Garg further admitted that the firm\u2019s hiring strategy left much to be desired. Garg stated:\u00a0\u201cToday we acknowledge that we overhired, and hired the wrong people. And in doing that we failed. I failed. I was not disciplined over the past 18 months. We made $250 million last year, and you know what, we probably pissed away $200 million. We probably could have made more money last year and been leaner, meaner and hungrier.\u201d<\/p>\n<p>He also noted that the firm lost $100 million in the previous quarter, stating that he should have laid off staff earlier:\u00a0\u201cWe should\u2019ve done what we did today three months ago \u2026 that\u2019s what I\u2019m saying to you right now, it\u2019s what I\u2019ve said to the board before. \u2026You will not be allowed to fail twice. You\u2019ll be encouraged to fail once, but not allowed to fail twice.\u201d<\/p>\n<p>Read more at <a href=\"https:\/\/techcrunch.com\/2022\/04\/07\/better-layoffs-vishal-garg-leaked-meeting\/\">TechCrunch here.<\/a><\/p>\n<p><strong><i>Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship. Follow him on Twitter\u00a0<\/i><i><a class=\"x5l\" href=\"http:\/\/twitter.com\/lucasnolan\" target=\"_blank\" rel=\"noopener external\">@LucasNolan<\/a>\u00a0<\/i><i>or contact via secure email at the address\u00a0<a class=\"x5l\" href=\"mailto:lucasnolan@protonmail.com\" target=\"_blank\" rel=\"noopener external\">lucasnolan@protonmail.com<\/a><\/i><i><\/i><\/strong><i><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vishal Garg, the embattled CEO of Better.com, recently informed his employees in a leaked video that the company \u201cprobably pissed away $200 million,\u201d resulting in layoffs. Garg infamously laid off<\/p>\n","protected":false},"author":28,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1426121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1426121","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/28"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1426121"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1426121\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1426121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1426121"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1426121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}