The chief executive of Better.com 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 per cent of its workforce over a 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,” Mr 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.
Better.com 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 Better.com a $1.5 halving. Instead of waiting until the deal closes, the commitment of billions by SoftBank immediately.
Founded in 2016 and headquartered in New York, Better.com 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.)