A video appeared on social media that showed the CEO of Better.com, a digital mortgage company, informing about 900 employees that they had been laid off.
Vishal Garg, the executive, could be seen in the video behind a desk trying to tell his employees. He tells them he doesn’t have “good news” and says the last time he was forced to make a similar announcement he cried.
“The market has changed, as you know, and we have to move with it to survive,” he said. He told the employees on the video conference that if they watched him, it meant they were laid off. About 9% of the company was made redundant, according to reports.
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The Sacramento Bee reported that the company has offices in three states and just received an injection of $ 750 million. The newspaper said the company is valued at around $ 7 billion. The company did not immediately respond to an after-hours email from Fox News seeking comment.
SFGate.com reported that one of the employees filming the video conference could be heard saying, “F — k you, man.”
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Kevin Ryan, the company’s chief financial officer, told the website that “having to make layoffs is heartbreaking, especially at this time of year, but a fortress record and a small, concentrated workforce have put us together to go on the offensive by entering a drastically changing property market. “