In Wacky Email, Better.com’s Volatile CEO Vishal Garg says he could lose everything he owns

He may have fired hundreds of his workers in a monotonous Zoom speech, called his employees “dumb dolphins” and allegedly brought a miniature ax into the office to joke about a separate round of layoffs. But now Better.com CEO Vishal Garg is ready to motivate his ever-dwindling workforce, and he’s channeling Teddy Roosevelt to do so.

“I believe in us. I believe in you. I believe in our mission… And I believe that we are the only people on this planet who will do whatever it takes to make homeownership better, faster and cheaper,” Garg wrote week in an email to employees, a copy of which was given to The Daily Beast.

The catalyst for his newly discovered taste? On Thursday wealth published an article noting that Garg was personally on the hook over “unlimited” losses SoftBank could take on a $1.5 billion deal that closed last fall. The Daily Beast previously reported on elements of the agreement.

This deal is looking increasingly shaky. Better has suffered round after round of layoffs since then, and its public image suffered massively after Zoom’s now-infamous firing in December.

To encourage “transparency,” Garg emailed his staff afterwards wealth Article came out to acknowledge its truth and to defend its decisions.

“Yes, I personally guaranteed Softbank $750 [million] from the $1.5 [billion] SoftBank agreed to reinvest in November,” he wrote. “We wanted the capital to make our dream come true.”

Garg said he sensed a shift in financial markets that others didn’t notice — “I could feel things weren’t as rosy as everyone was making it out to be” — and wanted to shore up the startup’s money upfront.

“So yes, I am fully committed. With everything I own and will ever own,” he added, noting that the risk “might be foolish.”

“When I read articles like this,” he continued, “all I can think of is Teddy Roosevelt (great American President who people kind of don’t like these days).” He included an excerpt from Roosevelt’s The Man in the Arena. -Talk to.

“Every day counts,” said the CEO, who received a $25 million cash bonus in 2020. “And yes, in 5 years, if that’s the case [SoftBank $750 million] The loan is due around my 50th birthday, if that means I have nothing then at least we have given it a real chance.”

Garg and Better did not immediately respond to requests for comment.

https://www.thedailybeast.com/in-wacky-email-bettercoms-volatile-ceo-vishal-garg-says-he-might-lose-everything-he-owns?source=articles&via=rss In Wacky Email, Better.com’s Volatile CEO Vishal Garg says he could lose everything he owns

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