Better.com is staring into the abyss. The SoftBank-backed mortgage lender is fighting to survive amid high interest rates that have crushed its core refinancing business. In an interview with The Information, its founder and CEO—who went viral in late 2021 when he sacked 900 employees on a Zoom call—didn’t rule out further staff cuts, even though previous layoffs have already shrunk Better.com’s headcount to 1,200 from 11,000 in 2021.
In the interview, Vishal Garg also described a multitude of rabbits he’s seeking to pull out of his hat. He’s willing to do a fundraising round for Better.com at a reduced valuation, even as he vows to keep pursuing a blank-check deal to go public. And he outlined several new initiatives, including what he calls an “eBay for houses” auction service that he said will help Better.com make it through the current slump.