Indian-Origin CEO Vishal Garg Wants His Job Back After Firing 900 Employees on Zoom
Five years after becoming one of the most controversial CEOs in the tech and mortgage industry for firing more than 900 employees during a Zoom call in 2021, Better.com founder Vishal Garg is once again fighting for control of the company he founded.
Garg was removed as CEO of Better Home & Finance Holding Company in August 2026 after the company's board raised concerns about his leadership and other corporate matters. He has now launched a campaign to regain control, calling on five directors to resign and seeking to return to an executive role at the company.
The dispute has transformed what was once a story about a controversial mass layoff into a much larger founder-versus-boardroom battle involving shareholders, corporate governance and the future direction of a publicly traded mortgage-finance company.
What Happened to Vishal Garg?
Vishal Garg founded Better, a digital mortgage and home-finance company, and remained closely associated with its strategy and operations.
But he became internationally known in December 2021 after announcing the termination of more than 900 employees, roughly 9% of Better.com's workforce, during a Zoom webinar shortly before Christmas. Garg cited market efficiency, performance and productivity as reasons for the layoffs.
The manner in which the layoffs were communicated triggered widespread criticism.
Garg later apologised for how he handled the announcement, acknowledging that he had failed to show the appropriate respect and appreciation to affected employees. He subsequently took time away from his full-time duties before returning as CEO in January 2022.
That episode remained a defining part of Garg's public image.
Five years later, however, the controversy has moved from employee relations to a much bigger question: who should control Better?
Why Was Garg Removed as CEO in 2026?
The company's board voted to terminate Garg as chief executive in August 2026.
According to reporting on the dispute, the directors other than Garg voted unanimously for his removal. The board cited concerns surrounding his judgment, temperament and credibility, while also pointing to the company's financial performance under his leadership.
The conflict reportedly intensified around Better's quarterly regulatory filing.
The board said Garg did not timely execute required representation letters needed for the company's Form 10-Q filing and characterized that as the reason for the delayed filing. Garg's side disputes aspects of the board's account and has challenged the narrative surrounding his removal.
This is important because a Form 10-Q is not simply an internal management document. It is a quarterly financial filing required for public companies, making the dispute relevant to investors as well as corporate governance.
Garg Is Now Trying to Return
Being removed as CEO has not ended Garg's involvement with Better.
He remains a significant shareholder. An SEC Schedule 13D filing from April 2026 showed Garg beneficially owned approximately 2.03 million shares, representing 13.5% of the reported class at that time.
Now Garg is attempting to use shareholder support to regain influence over the company.
Reports say his campaign involves investors representing roughly 52% of voting shares, while he has called for the resignation of five directors and sought to regain an executive position. A shareholder vote could determine whether the boardroom power struggle develops into a full control contest.
That makes this more than a personal dispute.
It could become a significant corporate-governance event for Better's shareholders.
Better's Financial Performance Is Central to the Fight
The board's criticism comes at a particularly important moment for Better.
The company has been trying to transform itself from a digital mortgage lender into an AI-focused home-finance platform, with its Tinman AI technology becoming a central part of the strategy.
In its first-quarter 2026 results, Better reported funded loan volume of approximately $1.64 billion, up 89% year over year. Revenue from continuing operations increased 52% to approximately $48 million, while its GAAP net loss reached about $70 million, compared with a $51 million loss a year earlier.
The company also reported an adjusted EBITDA loss of about $19 million, an improvement from the prior year.
Management had been targeting adjusted EBITDA breakeven by the end of the third quarter of 2026, although that goal remained dependent on mortgage-market conditions and continued operating improvements.
So investors are facing a complicated picture: rapid loan-volume growth, improving operating efficiency, but continuing GAAP losses.
The Bigger Problem: Better Still Has to Prove Its Business Model
Better's strategy increasingly depends on artificial intelligence and technology to reduce the cost and time involved in originating mortgages.
Its Tinman AI platform is designed to automate parts of the home-finance process, while the company has also expanded partnerships and home-equity products.
In Q1 2026, platform loan volume reached about $821 million, representing roughly half of total loan volume and a 404% year-over-year increase.
The company also announced a partnership with Coinbase to develop a crypto-backed mortgage product and expanded warehouse capacity to support loan origination growth.
For investors, the central question is therefore not simply whether Garg returns.
It is whether Better can turn its technology investments and growing loan volumes into sustainable profitability.
What Does the Board Say?
The board's position is sharply opposed to Garg's attempt to return.
According to the company's response reported this week, directors said Garg was no longer fit to serve in an executive capacity and pointed to cumulative GAAP net losses exceeding $1.5 billion since 2022 as well as a stock-price decline of more than 90% during his leadership.
The board also disputed Garg's account of the delayed quarterly filing and said his actions had created serious concerns about governance and management.
These are allegations and positions taken amid an active corporate dispute, rather than findings that should automatically be treated as independently established facts.
Garg's campaign, meanwhile, argues that shareholders should have a greater say in the company's leadership.
Why Shareholders Should Pay Attention
For investors holding or watching Better shares, the leadership battle creates a new layer of uncertainty.
There are now effectively two separate questions.
First: Can Better improve its underlying business?
Second: Who should lead the company while that turnaround takes place?
Leadership uncertainty can complicate strategic decisions, employee retention, fundraising, partnerships and investor confidence.
At the same time, Garg's continued ownership stake means he has a meaningful financial interest in the company's future. His SEC filings also show that he remained an active shareholder during 2026.
A successful shareholder challenge could therefore change the company's board composition and potentially its management direction.
What Investors Should Watch Next
The next major catalyst is likely to be the shareholder and board process surrounding Garg's campaign.
Investors should watch for:
Any formal shareholder requisition or voting process
Changes to Better's board composition
Garg's voting position and shareholder support
The company's delayed quarterly filing and subsequent disclosures
Better's Q2 2026 financial results
Loan-volume growth and revenue trends
Adjusted EBITDA and progress toward profitability
Cash and liquidity levels
Whether the company's AI strategy produces measurable cost and revenue benefits
The leadership dispute could attract substantial attention, but the company's financial performance will ultimately determine whether the turnaround story is credible.
From a Viral Zoom Layoff to a Boardroom Power Struggle
The irony of Garg's story is difficult to miss.
In 2021, he was the person making a unilateral decision that abruptly changed the careers of hundreds of employees on a Zoom call. In 2026, he is the one fighting to regain the position from which he was removed.
But this is no longer simply a story about an infamous CEO.
Better is now a publicly traded company, and its shareholders have a direct financial interest in whether its technology-led strategy can generate sustainable growth and profitability.
The outcome of the current battle could therefore influence not only Garg's career, but also the company's strategic direction and the value investors place on Better's future.
The Bottom Line
Vishal Garg, the Indian-origin founder of Better.com who became notorious after firing more than 900 employees on a Zoom call in 2021, has been removed as CEO in 2026 and is now trying to regain control of the company.
The board says concerns about his judgment, credibility and corporate decisions justified his removal, while Garg is seeking shareholder support to challenge the board and return to an executive role.
For investors, the most important issue is bigger than the personality clash: can Better convert strong loan-volume growth and its AI strategy into lasting profitability while resolving the leadership fight?
That is the story to watch next.
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This article is for informational and educational purposes only and should not be considered investment advice
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