SPAC, deal with Aurora Acquisition Corp. The five-year-old digital-mortgage company is on the verge of a special purpose acquisition, or Some of the world's largest investors - including SoftBank, Citi, Ally, Goldman Sachs, and Kleiner Perkins - are backing Better. Those who were let go - some of whom had joined the company within the past several weeks, according to the spouse of one former employee - were given four weeks of severance pay and medical benefits that will last through December, with an option to extend coverage through COBRA through February.īetter, which touts no- or low-fee loans that borrowers can secure quickly and entirely online, went on a hiring spree during the pandemic, adding some 7,000 new team members as rock-bottom interest rates led to the hottest housing market in recent memory. Laid-off staff included those working in sales and closing roles, as well as loan processors and underwriters. An Insider request urging affected staffers to reach out with their stories received more than 22 replies within one day - an indication of the resentment created by Better's abrupt announcement.īetter did not respond to a request for comment. Their claims were verified by other laid-off and current staffers interviewed by Insider.

Insider spoke to five employees laid off from Better, who asked to remain anonymous in order to protect their severance and future employment opportunities, to understand what happened at the company lauded as the best startup in the country in both 20. They also expressed anger that Garg portrayed the layoffs as culling subpar employees when, in fact, top performers were also let go. Former Better employees described the haphazard and sudden way Garg broke the news, saying it was particularly shocking given that recent internal communications had portrayed the business as healthy and growing. Garg initially pegged the number of staff let go at 15% in a separate all-hands meeting with employees who remained, he corrected himself, saying it was actually 9%.īut that was just the beginning. Zoom meeting, CEO Vishal Garg announced that hundreds of employees invited to the call had been laid off.Ĭonflicting communication about the exact scale of the layoffs, which were first reported by TechCrunch, was the first indicator of internal confusion. That afternoon, they found out why: During a

More than 10 now former employees took us inside the firm lauded as the top startup in America.ī employees first sensed something was amiss when they were told that offices in locations including New York and Oakland, California, would be closed on December 1 - even though many had returned to in-person work at the.

Former employees say they are shocked and angry, in part because execs had painted a rosy picture.

CEO Vishal Garg laid off 900 employees on a video call last Wednesday.

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