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Sunday, June 16, 2024

900 workers were sacked from Zoom by Vishal Garg, who had a disastrous public market debut

<p>Better.com, a troubled online mortgage lender managed by CEO Vishal Garg of Indian descent, suffered a catastrophic decline in the price of his shares after the company’s initial public offering.<img decoding=”async” class=”alignnone wp-image-150557″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-900-workers-were-sacked-from-zoom-by-vishal-garg-who-had-a-disastrous-public-market-debut-750×450-760089-vishalgargsaw-11zon.jpg” alt=”theindiaprint.com 900 workers were sacked from zoom by vishal garg who had a disastrous public market debut 750×450 760089 vishalgargsaw 11zon” width=”1397″ height=”838″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-900-workers-were-sacked-from-zoom-by-vishal-garg-who-had-a-disastrous-public-market-debut-750×450-760089-vishalgargsaw-11zon.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-900-workers-were-sacked-from-zoom-by-vishal-garg-who-had-a-disastrous-public-market-debut-750×450-760089-vishalgargsaw-11zon-150×90.jpg 150w” sizes=”(max-width: 1397px) 100vw, 1397px” title=”900 workers were sacked from Zoom by Vishal Garg, who had a disastrous public market debut 3″></p>
<p>Garg’s SoftBank-backed business, which was once valued at $7.7 billion, through a terrifying period when it went public via a SPAC merger.</p>
<p>The stock, which was previously trading at $17.44, fell 94% last week to $1.15.</p>
<p>On August 24, the digital mortgage lender went public, but the stock wasn’t exactly well received by investors.</p>
<p>Two years ago, Better.com had intended to go public at a $7.7 billion value.</p>
<p>The current market capitalization of Better.com is about $19.14 million.</p>
<p>According to Forbes, Better.com is dealing with “shrinking revenue and hemorrhaging cash as a result of a Securities and Exchange Commission (SEC) inquiry and the termination of 7,000 employees over the past two years.”</p>
<p>The business said that its management and accounting firm had indicated concerns about the company’s “ability to continue as a going concern” in a prospectus that was submitted to the SEC in July.</p>
<p>According to reports, Garg shut down its real estate arm and fired its real estate personnel in June.</p>
<p>According to TechCrunch, the firm is allegedly switching from an in-house agent strategy to a partnership agent approach.</p>
<p>Garg fired roughly 900 workers in December 2021 as a result of a contentious Zoom conversation.</p>
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