Better.com CEO explains why he is laid off 900 employees

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Better.com CEO explains why he is laid off 900 employees

On social media, a video showing the CEO of Better.com, a digital mortgage company, was informing about 900 employees that they had been terminated.

Vishal Garg, the executive, could be seen in the video behind a desk trying to tell his employees. He tells them that he does not have great news and said the last time he was forced to make a similar announcement he cried.

He said that the market has changed, and we have to move with it in order to survive. He told the employees on the video conference that they had been laid off if they were watching him. Reports said that about 9% of the company was let go.

The Sacramento BeeSacramento Bee reported that the company has offices in three states and received a $750 million cash infusion. The paper said the firm's value is about $7 billion. One of the employees filming the video conference could be heard saying, F — k you, dude. Kevin Ryan, the company's CFO, said that having to conduct layoffs is gut wrenching, especially this time of year, but a fortress balance sheet and a focused workforce together set us up to play offense going into a radically evolving homeownership market.