NYC-based digital lender Better.com closed down 94% in its Nasdaq debut on August 24, after a SPAC merger with Aurora Acquisition Corp
Once valued at $7.7 billion, Vishal Garg's SoftBank-backed company faced a cratering stock price and no plans for profitability as it went public Thursday via a SPAC merger.
SEC filing: NYC-based digital lender Better.com plans to go public via a SPAC merger, raising $750M, after announcing plans in May 2021 for a $7.7B SPAC merger
Shareholders at SPAC partner Aurora Acquisitions voted in favor of the merger proposal — New York-based digital lender Better.com …
Sources: three Better.com senior executives resigned, following other executive departures, mass layoffs, and a lawsuit alleging the company misled investors
Leaked recording: after laying off Better.com staff in December 2021, CEO Vishal Garg said the company “made $250M last year” but “probably pissed away $200M”
TechCrunch :
Better.com lays off 3,000+ employees in the US and India, citing “current market conditions”; some staff learned of layoffs after early rollout of severance pay
The mass layoffs at digital mortgage lender Better.com have reportedly started, according to employees and other sources …
Sources: Better.com is preparing for layoffs that could affect as much as 40% to 50% of staff, as more senior executives depart including its finance VP
Mary Ann Azevedo / TechCrunch :
Sources: Better.com is preparing for layoffs that could affect as much as 40% to 50% of staff, as more senior executives depart including its finance VP
Things are getting worse at Better. — More executives have resigned from Better.com nearly three months after the online mortgage …
Internal memo: Better.com CEO Vishal Garg resumes full-time duties over a month after taking time off following his controversial firing of ~900 staff on Zoom
The volatile founder had laid off hundreds of workers in an emotionless webinar, triggering widespread scorn online.
In an email, Better.com's board says CEO Vishal Garg is “taking time off effective immediately” and it hired a firm to “do a leadership and cultural assessment”
Market summary: 📊 — India ended flat on Friday, finishing the week overall in the green. Jody Serrano / Gizmodo : Better.com CEO Who Fired 900 Employees on Zoom and Behaved Like Trash Is ‘Taking Tim...
In email, Better.com's board says CEO Vishal Garg is “taking time off effective immediately” and it's hiring a firm to “do a leadership and cultural assessment”
The company has also hired an outside firm to “do a leadership and cultural assessment,