The CEO who fired 900 people on Zoom just before Christmas wants his job back

Better Home & Finance Founder Seeks Return After Sudden Ouster

Activelifezero.com – Vishal Garg is mounting a campaign to reclaim his position as chief executive of Better Home & Finance, the mortgage technology company he helped build from the ground up. The former CEO, who captured national attention for conducting a mass layoff of 900 workers via Zoom video conference in the days leading up to the 2021 holiday season, believes his removal was premature and orchestrated by Daniel Lewis, the hedge fund manager who replaced him just last week.

Garg expressed frustration with what he perceives as deception. “He hoodwinked me,” the ousted executive stated regarding Lewis, who had recently joined the company’s board of directors. “He said he liked the company’s strategy. He praised us on X and used that to get on our board and win our confidences.” According to Garg, Lewis presented himself as an ally while quietly positioning himself for the top job.

A Turbulent Tenure at the Helm

Garg’s time as CEO has been marked by both remarkable highs and painful setbacks. During the pandemic-era refinancing surge, when interest rates dipped below 3 percent, Better Home & Finance reached an impressive $8 billion valuation. The company’s AI-driven approach to mortgage processing attracted significant investor interest and positioned it as a modern alternative to traditional lenders.

However, the landscape shifted dramatically. As mortgage rates climbed toward 7 percent, the refinancing engine that had powered Better’s growth stalled. The company’s market capitalization contracted to approximately $300 million, representing a steep decline from its peak. Compounding these challenges was a disastrous 2023 merger through a special purpose acquisition company, which caused the stock to plummet by 93 percent. Additional headwinds included a whistleblower lawsuit that was eventually dismissed and a Securities and Exchange Commission investigation that yielded no formal findings.

Despite these obstacles, Garg maintained that the company was on the verge of a significant recovery. Annual sales had fallen from $1.5 billion in 2021 to just $70 million in 2023 as the refinancing boom evaporated. However, Garg indicated that 2026 could be a turning point, with the company projected to generate $200 million in revenue. The turnaround strategy centered on artificial intelligence technology capable of processing mortgage applications in hours rather than the days required by traditional methods involving dozens of staff members.

The Boardroom Coup

Lewis, a hedge fund manager with a mixed history of investment successes, approached Garg approximately six months before the ouster with proposals for cost reduction and improved profitability. Garg acknowledged that Lewis’s cost-saving ideas had merit but questioned his understanding of innovation within the mortgage sector.

“(Lewis’) thoughts about cost savings were good. His ideas about innovation were not,” Garg explained. “It’s so much easier when we’re this close for someone to come in and say that they could have done better.”

Lewis officially joined the board on July 27, 2026. Within seven days, he had persuaded fellow directors to remove Garg from his position and assume the CEO role himself. Garg was dismissed on August 3, a date he characterized as particularly ironic given that he had been preparing to announce positive developments for the company.

Investor Backlash and the Fight Back

Market reaction to Lewis’s appointment has been notably negative. Better’s stock has declined 45 percent since the leadership change, even though the shares had already fallen more than 16 percent during the first eight months of 2026. In the week following Garg’s removal, numerous investors reportedly contacted the former CEO directly, expressing concern and encouraging him to seek reinstatement.

Garg possesses a strategic advantage in any potential return: Class B shares that carry enhanced voting rights. These shares, combined with support from committed early-stage investors, provide him with sufficient voting power to potentially force a board decision. He has engaged Alex Spiro, a prominent partner at the law firm Quinn Emanuel, to represent his interests in the dispute.

On Monday, Garg submitted a formal letter to the board requesting his reinstatement as CEO. In a gesture demonstrating his confidence in the company’s prospects, he offered to accept a salary of just $1 per year until Better achieves profitability, after which he would step down from the executive role.

What Lies Ahead

The outcome of this corporate struggle will have implications beyond Better Home & Finance. The case highlights broader tensions between founder-led companies and activist investors seeking to reshape management teams. It also raises questions about corporate governance practices, particularly regarding board composition and the timing of leadership transitions.

Garg remains optimistic about his chances. “I care about delivering savings to people and helping them live the American Dream,” he said. “So when shareholders said, ‘You need to take a back seat,’ I complied.” With investor sentiment apparently shifting in his favor and legal representation secured, Garg appears prepared to make his case directly to the board and potentially to shareholders themselves.

We’re winning. We’ve tripled loan volume. We’re close to profitability. We were at the 5-yard line after taking the ball all the way down the field from the other side.

Whether Garg ultimately returns to the position he held for nearly a decade remains to be seen. What is clear is that the former CEO believes he was removed at a critical moment, and he is willing to fight for his place at the company he helped create.