NZ Herald
  • Home
  • Latest news
  • Herald NOW
  • Video
  • New Zealand
  • Sport
  • World
  • Business
  • Entertainment
  • Podcasts
  • Quizzes
  • Opinion
  • Lifestyle
  • Travel
  • Viva
  • Weather

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • New Zealand
    • All New Zealand
    • Crime
    • Politics
    • Education
    • Open Justice
    • Scam Update
  • Herald NOW
  • On The Up
  • World
    • All World
    • Australia
    • Asia
    • UK
    • United States
    • Middle East
    • Europe
    • Pacific
  • Business
    • All Business
    • MarketsSharesCurrencyCommoditiesStock TakesCrypto
    • Markets with Madison
    • Media Insider
    • Business analysis
    • Personal financeKiwiSaverInterest ratesTaxInvestment
    • EconomyInflationGDPOfficial cash rateEmployment
    • Small business
    • Business reportsMood of the BoardroomProject AucklandSustainable business and financeCapital markets reportAgribusiness reportInfrastructure reportDynamic business
    • Deloitte Top 200 Awards
    • CompaniesAged CareAgribusinessAirlinesBanking and financeConstructionEnergyFreight and logisticsHealthcareManufacturingMedia and MarketingRetailTelecommunicationsTourism
  • Opinion
    • All Opinion
    • Analysis
    • Editorials
    • Business analysis
    • Premium opinion
    • Letters to the editor
  • Politics
  • Sport
    • All Sport
    • OlympicsParalympics
    • RugbySuper RugbyNPCAll BlacksBlack FernsRugby sevensSchool rugby
    • CricketBlack CapsWhite Ferns
    • Racing
    • NetballSilver Ferns
    • LeagueWarriorsNRL
    • FootballWellington PhoenixAuckland FCAll WhitesFootball FernsEnglish Premier League
    • GolfNZ Open
    • MotorsportFormula 1
    • Boxing
    • UFC
    • BasketballNBABreakersTall BlacksTall Ferns
    • Tennis
    • Cycling
    • Athletics
    • SailingAmerica's CupSailGP
    • Rowing
  • Lifestyle
    • All Lifestyle
    • Viva - Food, fashion & beauty
    • Society Insider
    • Royals
    • Sex & relationships
    • Food & drinkRecipesRecipe collectionsRestaurant reviewsRestaurant bookings
    • Health & wellbeing
    • Fashion & beauty
    • Pets & animals
    • The Selection - Shop the trendsShop fashionShop beautyShop entertainmentShop giftsShop home & living
    • Milford's Investing Place
  • Entertainment
    • All Entertainment
    • TV
    • MoviesMovie reviews
    • MusicMusic reviews
    • BooksBook reviews
    • Culture
    • ReviewsBook reviewsMovie reviewsMusic reviewsRestaurant reviews
  • Travel
    • All Travel
    • News
    • New ZealandNorthlandAucklandWellingtonCanterburyOtago / QueenstownNelson-TasmanBest NZ beaches
    • International travelAustraliaPacific IslandsEuropeUKUSAAfricaAsia
    • Rail holidays
    • Cruise holidays
    • Ski holidays
    • Luxury travel
    • Adventure travel
  • Kāhu Māori news
  • Environment
    • All Environment
    • Our Green Future
  • Talanoa Pacific news
  • Property
    • All Property
    • Property Insider
    • Interest rates tracker
    • Residential property listings
    • Commercial property listings
  • Health
  • Technology
    • All Technology
    • AI
    • Social media
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
    • Opinion
    • Audio & podcasts
  • Weather forecasts
    • All Weather forecasts
    • Kaitaia
    • Whangārei
    • Dargaville
    • Auckland
    • Thames
    • Tauranga
    • Hamilton
    • Whakatāne
    • Rotorua
    • Tokoroa
    • Te Kuiti
    • Taumaranui
    • Taupō
    • Gisborne
    • New Plymouth
    • Napier
    • Hastings
    • Dannevirke
    • Whanganui
    • Palmerston North
    • Levin
    • Paraparaumu
    • Masterton
    • Wellington
    • Motueka
    • Nelson
    • Blenheim
    • Westport
    • Reefton
    • Kaikōura
    • Greymouth
    • Hokitika
    • Christchurch
    • Ashburton
    • Timaru
    • Wānaka
    • Oamaru
    • Queenstown
    • Dunedin
    • Gore
    • Invercargill
  • Meet the journalists
  • Promotions & competitions
  • OneRoof property listings
  • Driven car news

Puzzles & Quizzes

  • Puzzles
    • All Puzzles
    • Sudoku
    • Code Cracker
    • Crosswords
    • Cryptic crossword
    • Wordsearch
  • Quizzes
    • All Quizzes
    • Morning quiz
    • Afternoon quiz
    • Sports quiz

Regions

  • Northland
    • All Northland
    • Far North
    • Kaitaia
    • Kerikeri
    • Kaikohe
    • Bay of Islands
    • Whangarei
    • Dargaville
    • Kaipara
    • Mangawhai
  • Auckland
  • Waikato
    • All Waikato
    • Hamilton
    • Coromandel & Hauraki
    • Matamata & Piako
    • Cambridge
    • Te Awamutu
    • Tokoroa & South Waikato
    • Taupō & Tūrangi
  • Bay of Plenty
    • All Bay of Plenty
    • Katikati
    • Tauranga
    • Mount Maunganui
    • Pāpāmoa
    • Te Puke
    • Whakatāne
  • Rotorua
  • Hawke's Bay
    • All Hawke's Bay
    • Napier
    • Hastings
    • Havelock North
    • Central Hawke's Bay
    • Wairoa
  • Taranaki
    • All Taranaki
    • Stratford
    • New Plymouth
    • Hāwera
  • Manawatū - Whanganui
    • All Manawatū - Whanganui
    • Whanganui
    • Palmerston North
    • Manawatū
    • Tararua
    • Horowhenua
  • Wellington
    • All Wellington
    • Kapiti
    • Wairarapa
    • Upper Hutt
    • Lower Hutt
  • Nelson & Tasman
    • All Nelson & Tasman
    • Motueka
    • Nelson
    • Tasman
  • Marlborough
  • West Coast
  • Canterbury
    • All Canterbury
    • Kaikōura
    • Christchurch
    • Ashburton
    • Timaru
  • Otago
    • All Otago
    • Oamaru
    • Dunedin
    • Balclutha
    • Alexandra
    • Queenstown
    • Wanaka
  • Southland
    • All Southland
    • Invercargill
    • Gore
    • Stewart Island
  • Gisborne

Media

  • Video
    • All Video
    • NZ news video
    • Herald NOW
    • Business news video
    • Politics news video
    • Sport video
    • World news video
    • Lifestyle video
    • Entertainment video
    • Travel video
    • Markets with Madison
    • Kea Kids news
  • Podcasts
    • All Podcasts
    • The Front Page
    • On the Tiles
    • Ask me Anything
    • The Little Things
  • Cartoons
  • Photo galleries
  • Today's Paper - E-editions
  • Photo sales
  • Classifieds

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In
Advertisement
Advertise with NZME.
Home / Business / Economy / Employment

Better.com CEO Vishal Garg 'taking time off effective immediately' after firing 900 staff on Zoom call

news.com.au
11 Dec, 2021 02:35 AM5 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

Better.com CEO Vishal Garg. Photo / Better.com

Better.com CEO Vishal Garg. Photo / Better.com

The CEO of a mortgage start-up who fired 900 employees in a three-minute Zoom call last week is "taking time off effective immediately".

Better.com boss Vishal Garg, 43, has come under intense scrutiny after recordings of the meeting were posted online and picked up by media outlets globally.

The company's board of directors sent an email to staff on Friday (Saturday NZT) saying that Garg was stepping away, Vice reported.

The board also said it had hired an outside firm to "do a leadership and cultural assessment".

Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.

"Vishal will be taking time off effective immediately," the email says. "During this interim period Kevin Ryan as CFO will be managing the day-to-day decisions of the company and he will be reporting to the Board.

"As well, the Board has engaged an independent 3rd party firm to do a leadership and cultural assessment. The recommendations of this assessment will be taken into account to build a long-term sustainable and positive culture at Better.

"We have much work to do and we hope that everyone can refocus on our customers and support each other to continue to build a great company and a company we can be proud of."

Garg abruptly announced the company was sacking about 9 per cent of its workforce during a webinar on Wednesday last week.

Advertisement
Advertise with NZME.

"I come to you with not great news," he said ahead of the video call.

"If you're on this call, you are part of the unlucky group that is being laid off. Your employment here is terminated effective immediately.

"The market has changed, as you know, and we have to move with it in order to survive so that hopefully, we can continue to thrive and deliver on our mission.

Vishal Garg: “I wish I didn’t have to lay off 900 of you over a zoom call but I’m gonna lay y’all off right before the holidays lmfaooo”https://t.co/6bxPGTemEG

— litquidity (@litcapital) December 5, 2021

"This isn't news that you're going to want to hear. But ultimately it was my decision.

Discover more

World

Sydney woman 'trapped' in $274k job

10 Dec 06:21 AM
Opinion

Steven Joyce: Government's wage plans a farce from the past

10 Dec 04:00 PM
New Zealand

Businesses 'very distressed' by potential impact of checkpoints

10 Dec 04:00 PM
Tourism

Devastation: 72,000 tourism jobs go in a year

10 Dec 04:33 AM

"And I wanted you to hear from me. It's been a really, really challenging decision to make."

One unhappy worker who filmed the call can be heard saying on the footage: "F*** you dude. Are you f***ing kidding me?"

Among those fired was the company's diversity, equity and inclusion recruiting team.

After the video was published online, Garg accused hundreds of the now-redundant employees of "stealing" from their colleagues and customers by being unproductive.

In a series of messages seen by Fortune, the scathing CEO wrote: "You guys know that at least 250 of the people terminated were working an average of two hours a day while clocking eight 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."

Advertisement
Advertise with NZME.

The company, which received a US$1 billion cash injection last week, is valued at nearly US$11.4b.

After Garg's brutal Zoom call went viral, the list of indiscretions against the mortgage boss quickly grew.

An article from Forbes dated back to November 2020 revealed the CEO's history of questionable emails, while uncovering multiple ongoing lawsuits regarding allegations of improper and even fraudulent activity made against Garg and his entities.

In a 2013 lawsuit, Raza Khan – Garg's former business partner and university friend – accused him of transferring $4.42m from their software company to his personal bank account and then using stolen technology to build Better.com.

Although Garg has contested these claims, court documents showed emotional explosions between Garg and Khan, with the CEO telling Khan he was "going to staple him against a f**ing wall and burn him alive". This incident occurred after Garg retaliated and accused Khan of stealing $420,000 from him, which Khan also denied.

Garg later apologised for the threatening comments.

Advertisement
Advertise with NZME.

'Dumb dolphins get eaten by sharks'

Another set of leaked emails published by Forbes show messages from Garg in which he said employees needed to "break" a title insurance partner – which is similar to lender's mortgage insurance some Kiwi buyers are required to purchase – in order to get a better deal for customers.

"You need to press your [partner] to the point of breaking, then break them. Break them," it read.

"Punish them. Punish them like they just stole candy from your little sister. And until you fight for the consumer, you aren't getting my love."

Another set of emails also show Garg calling his team members "a bunch of dumb dolphins".

"DUMB DOLPHINS get caught in nets and eaten by sharks. SO STOP IT. STOP IT. STOP IT RIGHT NOW. YOU ARE EMBARRASSING ME," it read.

An investigation by the Daily Beast also uncovered an incident in which an executive was hired at Better.com so Garg could avoid face-to-face confrontations.

Advertisement
Advertise with NZME.

While she was placed on administrative leave earlier this year over allegations of bullying, she was accused of creating "a culture of intimidation and retaliation".

Despite this, she received at least US$8400 per month for two homes plus additional perks like stock which was potentially worth tens of millions.

Speaking to the Daily Beast, one ex-senior employer said it was "crazy" that she was essentially rewarded for her behaviour.

"It's like a handout. The whole point of options is to incentivise four years of work. This is like handing her cash," they said.

Save

    Share this article

Latest from Employment

Property

Ikea opening ‘around Christmas trading period’, plans for traffic mitigation at Sylvia Park

01 Jul 10:57 PM
Premium
Property

Watch: First look inside City Rail Link’s unique new Te Waihorotiu Station

30 Jun 03:00 AM
Premium
Opinion

Liam Dann: Never mind the swear words, our politicians need to raise the quality of debate

28 Jun 05:00 PM

There’s more to Hawai‘i than beaches and buffets – here’s how to see it differently

sponsored
Advertisement
Advertise with NZME.

Latest from Employment

Ikea opening ‘around Christmas trading period’, plans for traffic mitigation at Sylvia Park

Ikea opening ‘around Christmas trading period’, plans for traffic mitigation at Sylvia Park

01 Jul 10:57 PM

'Ikea is likely to open around the Christmas trading period at the end of this year.'

Premium
Watch: First look inside City Rail Link’s unique new Te Waihorotiu Station

Watch: First look inside City Rail Link’s unique new Te Waihorotiu Station

30 Jun 03:00 AM
Premium
Liam Dann: Never mind the swear words, our politicians need to raise the quality of debate

Liam Dann: Never mind the swear words, our politicians need to raise the quality of debate

28 Jun 05:00 PM
Premium
'Pallet hotel' - Foodstuffs South Island boosting frozen storage by more than 200%

'Pallet hotel' - Foodstuffs South Island boosting frozen storage by more than 200%

22 Jun 09:00 PM
From early mornings to easy living
sponsored

From early mornings to easy living

NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • NZ Herald e-editions
  • Daily puzzles & quizzes
  • Manage your digital subscription
  • Manage your print subscription
  • Subscribe to the NZ Herald newspaper
  • Subscribe to Herald Premium
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven Car Guide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP