Mortgage CEO Fired After $1.5 Billion Losses

Vishal Garg, widely known for a controversial three-minute video call termination of 900 employees, has been ousted as CEO of Better Home & Finance. The decision, made by the company's board in early August 2026, cited concerns regarding Garg's professional judgment, temperament, and credibility.

Directors unanimously voted for Garg's termination, highlighting cumulative losses exceeding USD 1.5 billion since 2022 and a steep decline in the company's stock value during his leadership. The digital mortgage platform, founded by Garg in 2014, has faced significant challenges following the pandemic-era refinancing boom, with market capitalization falling drastically from an estimated USD 8 billion peak.

Garg has contested his removal, asserting that the business was on the verge of operational recovery with tripling loan volumes. He alleges that interim CEO Daniel Lewis, who joined the board in early August 2026, misled him. Garg plans to legally challenge the termination and has proposed working for a nominal salary of USD 1 per year until profitability is restored, supported by shareholders with special voting shares.

Despite falling annual sales from USD 1.5 billion in 2021 to USD 70 million in 2023, Better Home & Finance is integrating AI to streamline mortgage processing and expand its portfolio. Corporate projections anticipate a rebound toward USD 200 million in revenue, with operations nearing profitability.