“If you’re on this call, you are part of the unlucky group that is being laid off…” CNN quotes Better.com chief executive (CEO) Vishal Garg as saying during a Zoom call last Wednesday – many are curious to know what his net worth and salary are, following the news.
What did Better.com chief executive Vishal Garg say during the fated Zoom call?
Vishal Garg is the chief executive of Better.com, a “digital-first homeownership company” that assists customers in buying and refinancing homes and advertises a “seamless online mortgage experience”.
He laid off 900 of his mortgage company’s workforce last Wednesday during a Zoom webinar. That’s nine per cent, or one in 11 employees, who lost their jobs.
“If you’re on this call, you are part of the unlucky group that is being laid off,” CNN quotes him as saying.
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“This is the second time in my career I’m doing this and I do not want to do this. The last time I did it, I cried.”
Fortune has since claimed that he accused “accused hundreds of staffers” of “stealing” from their colleagues and customers “by being unproductive”.
What are Vishal Garg’s net worth and salary?
Exact figures for Vishal Garg’s net worth and salary as the chief executive of Better are not publicly available. However, it is possible to put together a picture based on the information that is available.
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The Daily Beast estimates that his equity in the business is worth at least $1 billion; regardless of what his actual salary is, last year Vishal Garg apparently received a $25 million cash bonus as the chief executive of Better.com.
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Why did Garg lay off so many employees?
In a statement to CNN Business, Garg said the reasons for firing so many employees were “efficiency, performance and productivity”.
Better received $750 million in cash as part of a deal to go public in May this year. $500 million of that was from SoftBank. TDB also reports that, despite being possibly “the least sexy startup concept imaginable”, Better is “hugely lucrative”: last year, its revenues “exploded” to $876 million.
Vishal Garg and his wife have three children and live in Tribeca. According to his profile on the Better website, they “regularly foster rescue dogs”.