A person using Zoom. Picture: Amr Abdallah Dalsh/Reuters.
A person using Zoom. Picture: Amr Abdallah Dalsh/Reuters.

CEO shocks the world by laying off 900 employees during Zoom meeting

By Xolile Mtembu Time of article published Dec 7, 2021

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The chief executive officer of better.com Vishal Garg, shocked the world in a leaked Zoom meeting video where he announced that he was laying off 900 of his employees.

The digital mortgage company leader told his employees the news in an abruptly scheduled three-minute meeting.

He started the video conference call by welcoming and thanking the attendees.

Garg said having to break the news was difficult for him.

“I come to you not with great news.

“This is the second time in my career I’m doing this.

“I don’t want to do this. The last time I did it, I cried.

“This time I hope to be stronger,” said Garg.

He said the reasons he was laying off 9% of the company’s workers were because of market efficiency, performance, and productivity.

“The market has changed, as you know, and we have to move with it in order to survive so that hopefully we can continue to thrive.

“This isn’t news you’re going to want to hear, but ultimately it was my decision, and I wanted you to hear it from me.

“It’s been a really, really challenging decision to make.”

“If you are on this call, you are part of the unlucky group being laid off.

“Your employment here is terminated effective immediately.”

Garg told his former employees they would receive a month’s pay and three months of benefits, which would be detailed in an email sent to their personal email addresses from the human resources department.

IOL TECH

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