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Business News CEO apologizes after laying off 900 employees via Zoom call



Vishal Garg has come under severe criticism after the company laid off around 9% of its employees.

New Delhi: The chief executive of apologized for his way of dealing with layoffs at the mortgaged company after a video of him shooting 900 people via a Zoom call last week went viral on social media.

Vishal Garg, who has come under intense criticism after the SoftBank-backed company laid off nearly 9% of its workforce via video call, said he had “wrong the execution” to communicate the layoffs .

“I realize that the way I communicated this news made a difficult situation worse,” Garg said in a letter on Tuesday.

The CEO cited market, performance and productivity as the reasons behind the decision to lay off employees in the United States and India. said in May that it would go public through a merger with blank-check firm Aurora Acquisition Corp., valued at $7.7 billion.

Earlier this month, the terms were amended to provide with half of the $1.5 billion made by SoftBank, rather than waiting until the deal is completed, immediately.

Founded in 2016 and headquartered in New York, provides mortgage and insurance products to homeowners through its online platform.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)