‘Tis the season to be fired. Billionaire Vishal Garg of Better.com cruelly lets go 900 employees at Better.com, citing performance issues via a Zoom call this past week. We are starting to see other companies like Zillow.com lay off 25% of their workforce too due to over-investing in flipping properties versus long term employee growth investments.
Take a sneak peek into the Um thank you for joining. I come to you with not great news. The market has changed with Vishal Garg and the Better.com HR and legal departments pulled together to quickly and immediately terminate over 15% of their workforce.
Here is Vishal Garg’s speech to the unlucky group of employees of Better.com that got this awful news this holiday season:
Um, thank you for joining. Um, I come to you with not great news. Um, the market has changed as you know and, um, we have to move with it in order to survive, so that hopefully we can continue to thrive and deliver on a mission. This isn’t news that you are going to want to hear, but ultimately it was my decision and I wanted you to hear it from me. It’s been a really, really challenging decision to make. This is the second time in my career I am doing this and I do not, do not want to do this. Last time I did it, I cried. This time I hope I can be stronger. But we are laying off about 15% of the company for market efficiency and performances and productivity. If you are on this call, you are part of the unlucky group being laid off. Your employment here is terminated effective immediately. What does this mean for what’s next? You are going to get an email from HR at Better.com and your benefits. For all US employees we are providing 4 weeks of severance, one month of full benefits, and two months of COBRA for which we will pay the premium. So two months of benefits if you apply to Cobra. Thank you for each and everyone of your individual contributions to Better. I wish this news were different. I wish we were thriving and as enthusiastic as we were at the beginning of the year, but that’s not the case. And I am sure you will leave us and be more successful and more fortunate and luckier on your next endeavor. I wish you all the best of luck. Thank you for all you did for Better. CEO, Vishal Garg at Better.com
Causing immediate fear and uneasy feelings from being freshly laid off, employees were taken aback as this was quite the embarrassing and awkward moment that no employee ever wants to hear. And especially during the holiday season. The uncomfortable silence as Vishal pauses during his rehearsed statement is awkward and as real as it gets, showing his loyalty to his board members and investors with the harsh breaking viral call.
The company Better.com has had recent lawsuits on fiduciary breaches in connection with the Better corporate governance, Morgan Stanley, Goldman Sachs and Pine Brook Capital have all pulled out of potential IPO talks too.
But it turns out this isn’t the most shocking layoff news this year.
Intellizence gives us a more clearer picture of the major companies that have decided to pull the trigger on thousands of employees both in the US and worldwide. This is the bigger picture of the global economy now that shows us this graph of other major layoffs in 2021:
What’s a guy gotta do? Well, create his own business so he is fire proof it seems.
What are your thoughts on this Zoom call? We’d love to hear from you!
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Oh wow. A most appropriate picture!
Seeing the news burn is quite a delight! 🤣
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