New York: Vishal Garg, CEO of financial sector company Better.com, has apologized for sacking 900 of its employees over a Zoom call. The Indian-American CEO said market efficiency, performance, and productivity were the reasons behind the massive layoffs. But his method was wrong. That’s why he apologizes. Better.com is invested by Soft Bank of Japan. Its valuation is currently $ 7 billion.
According to the report of Daily Mail, Vishal Garg sent an email to the rest of his staff on Tuesday. It wrote- The manner in which he spoke about the layoffs was not right. I have the decision to lay off, but I have failed to do it properly. I am ashamed of myself for doing this.
Better.com said in May that it would enter the public sector through a merger with blank-check firm Aurora Acquisition Corp. The deal was worth $7.7 billion. However, later things did not work out.
What happened in the meeting?
A company employee has posted a video on social media. In this, he said that he was given a pink slip in just three minutes. That is, his job was taken. The staff further said, ‘The market has changed. We have to go along with it to survive. We hope to take the mission forward as well.
These allegations against the staff
Garg first said that his production is nothing to remove the employees. Then said that you guys work only for two hours. After this, Garg said that they will get an email from the HR department. Earlier, a Forbes report said that in 2020, Garg had accused the employees of being lazy.