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Vishal Garg, made news for all the wrong reasons when just before Christmas, he fired 900 of his employees over a Zoom call. The founder of Better.com, now faces a lawsuit filed by Sarah Pierce, the online mortgage company’s former executive vice president for sales and operations.
According to claims made by Pierce, Garg made many miscalculations about the interest rate environment. He also went on a hiring spree and hired hundreds of staff. He feared investors would withdraw from Better.com’s deteriorating financial condition. Apparently, he told the company that mortgage rates would fall and sales would grow.
Pierce has now demanded financial compensation for being ‘pushed out’ of her role in February. However, Garg’s lawyer has said that the comments were baseless and said he was confident of Better.com’s financial and accounting practices.al