Indian-origin CEO, who fired over 900 employees on a 4-minute Zoom call, loses job

Indian-American entrepreneur Vishal Garg, known for firing over 900 employees during a brief Zoom call in 2021, is attempting to regain his position as CEO of mortgage company Better Home & Finance, which dismissed him earlier this month. Garg claims that Daniel Lewis, who took over as CEO, misled him about his intentions and used praise for the company's strategy to gain board confidence.

The company, once valued at $8 billion, struggled after rising mortgage rates and the collapse of its refinancing business, resulting in a sharp decrease in annual sales from $1.5 billion in 2021 to $70 million in 2023. Garg asserts that Better is now on track to generate around $200 million this year, driven by its AI-powered mortgage processing technology and strategic partnerships.

Garg suspects Lewis aimed for the CEO role all along and believes the board made a mistake in removing him. Despite being removed, Garg remains a board member and has received offers from investors to return as CEO, supported by early investors and his own voting power. He has hired a high-profile lawyer and formally demanded his reinstatement, offering to work for a salary of $1 annually until the company becomes profitable.