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Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom - Tech Mortgage Company

 
Swingline

User ID: 78291643
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12/06/2021 09:58 AM

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Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom - Tech Mortgage Company
Just days after receiving a $750 million cash infusion, a tech startup that Forbes branded in October as a “unicorn,” valued at $7 billion, laid off hundreds of employees in a manner that some online deemed “brutal.”

Better.com, a digital mortgage lender with offices in Oakland, laid off 900 employees weeks before Christmas on a mass Zoom call. Only those being laid off were invited. It is a stark tidal shift for the company, which announced it was going public earlier this year.

“I come to you with not great news,” CEO Vishal Garg said in the video, which has since circulated on TikTok and YouTube. “The market has changed, as you know, and we have to move with it in order to survive.”

“If you’re on this call, you are part of the unlucky group that is being laid off,” Garg said, citing “market efficiency, performances, productivity” among the reasons for the layoffs.

CEO video at the link [link to www.sfgate.com (secure)]

Last Edited by John Dutton on 12/06/2021 12:17 PM
"I'm Just Meaner Than You"
Anonymous Coward
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12/06/2021 10:00 AM
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Re: Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom - Tech Mortgage Company
a mortgage co?

hmmm
Evil Lincoln

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12/06/2021 10:00 AM

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Re: Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom - Tech Mortgage Company
OUCH.

epiclol
Something is coming. Guard your heart and watch the wind..
This Is Not Me

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12/06/2021 10:04 AM
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Re: Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom - Tech Mortgage Company
Greedy scumbags.
Anonymous Coward
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12/06/2021 10:07 AM
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Re: Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom - Tech Mortgage Company
That's sad.
Ritard

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12/06/2021 10:10 AM
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Re: Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom - Tech Mortgage Company
Sounds like a scam.
Anonymous Coward
User ID: 75687968
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12/06/2021 10:11 AM
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Re: Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom - Tech Mortgage Company
I 'd like to know the demographics of those he fired VS those he kept.

It was likely a purge of Whites.
Anonymous Coward
User ID: 81447633
12/06/2021 10:14 AM
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Re: Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom - Tech Mortgage Company
This is the z!0 world your living in.
It’s all a facade with no real monetary value, yet Forbes puts out misleading information because it’s all insiders giving each other reach arounds and leading you all astray. Once the shell, front company has been given the huge loan, they just dump it, take the money and disappear.

Your capitalist system is just bank sponsored usury.
Anonymous Coward
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12/06/2021 10:22 AM
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Re: Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom - Tech Mortgage Company

a mortgage co?

Usually those guys are so nice..
Anonymous Coward
User ID: 74620161
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12/06/2021 10:25 AM
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Re: Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom - Tech Mortgage Company
Sounds like the entire IT industry in 2000.
Anonymous Coward
User ID: 81439505
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12/06/2021 10:26 AM
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Re: Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom - Tech Mortgage Company
>CEO Vishal Garg

Anti-White street shitter curry nggr.
 Quoting: Anonymous Coward 75687968


yeah, I'd like to see the racial makeup of the call versus the company.
Anonymous Coward
User ID: 81439505
United States
12/06/2021 10:27 AM
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Re: Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom - Tech Mortgage Company
I 'd like to know the demographics of those he fired VS those he kept.

It was likely a purge of Whites.
 Quoting: Anonymous Coward 75687968



I saw this happen at Amdocs.

about 50% Indian, but the layoff in 2011 was about
90% white.
Anonymous Coward
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12/06/2021 10:32 AM
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Re: Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom - Tech Mortgage Company
Poo in the loo.
Anonymous Coward
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12/06/2021 10:34 AM
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Re: Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom - Tech Mortgage Company
This is the z!0 world your living in.
It’s all a facade with no real monetary value, yet Forbes puts out misleading information because it’s all insiders giving each other reach arounds and leading you all astray. Once the shell, front company has been given the huge loan, they just dump it, take the money and disappear.

Your capitalist system is just bank sponsored usury.
 Quoting: Anonymous Coward 81447633


It isn't the system itself, it's the morality of those running it.

Any system imagined can work or fail.
What matters is the morality and the priorities of those managing it.

Capitalism is a theory, as are other economic theory models
And they will cause as much success or failure as the operating morality affords them.

Don't confuse economic theory with ethics, they're two separate issues and trying to imagine any intrinsic value system in connection of them is wrong.
The real problem with idealizing or demonizing any theory is the human wild card and the ethics of those on the top.

If you dont understand how culture and morality impact economics you must keep your fool mouth shut until you learn that any design can be significantly fucked up and made dysfunctional by its implementation.
Anonymous Coward
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12/06/2021 10:36 AM
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Re: Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom - Tech Mortgage Company
Jobs come and go. That's how it is now.

The future is all about freelancing and gigs you look for on the net. Only projects you work for, no jobs as such.
Anonymous Coward
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United Kingdom
12/06/2021 11:01 AM
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Re: Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom - Tech Mortgage Company
It's a Tech start-up, part of the new Gig economy.

So a mostly online company who employs remote workers probably based out of their own home using the Internet, cell phone and cell phone apps, people get fired by Gig economy technology.

What else do people expect, an in-person visit cup of Starbucks and a doughnut.

We're talking about youngsters who've known no different than Email, Facebook, instant messaging and remote technology. Sucks, but they are not employees with 20 years loyal service turning up at an office / factory / retail outlet etc. putting in a 10 hour shift 5 days a week.
Swingline  (OP)

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12/06/2021 12:12 PM

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Re: Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom - Tech Mortgage Company
a mortgage co?

hmmm
 Quoting: Anonymous Coward 78152436


Yes, just raised $750m and is laying off 900 people because of changes in the market they are all aware of????

Real Estate coming to a crash?
"I'm Just Meaner Than You"
Swingline  (OP)

User ID: 78291643
United States
12/06/2021 12:14 PM

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Re: Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom - Tech Mortgage Company
>CEO Vishal Garg

Anti-White street shitter curry nggr.
 Quoting: Anonymous Coward 75687968


yeah, I'd like to see the racial makeup of the call versus the company.
 Quoting: Anonymous Coward 81439505


Indian CEO...

Here is the LinkedIn breakdown: [link to www.linkedin.com (secure)]
"I'm Just Meaner Than You"
Swingline  (OP)

User ID: 78291643
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12/06/2021 12:16 PM

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Re: Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom - Tech Mortgage Company
They have over 7,800 employees around the world. 4k in the United States and 3k in India.

Sounds like WAY to many employees anyways
"I'm Just Meaner Than You"
Swingline  (OP)

User ID: 78291643
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12/06/2021 12:36 PM

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Re: Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom - Tech Mortgage Company
bump
"I'm Just Meaner Than You"
Anonymous Coward
User ID: 80942812
Canada
12/06/2021 12:38 PM
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Re: Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom - Tech Mortgage Company
Just days after receiving a $750 million cash infusion, a tech startup that Forbes branded in October as a “unicorn,” valued at $7 billion, laid off hundreds of employees in a manner that some online deemed “brutal.”

Better.com, a digital mortgage lender with offices in Oakland, laid off 900 employees weeks before Christmas on a mass Zoom call. Only those being laid off were invited. It is a stark tidal shift for the company, which announced it was going public earlier this year.

“I come to you with not great news,” CEO Vishal Garg said in the video, which has since circulated on TikTok and YouTube. “The market has changed, as you know, and we have to move with it in order to survive.”

“If you’re on this call, you are part of the unlucky group that is being laid off,” Garg said, citing “market efficiency, performances, productivity” among the reasons for the layoffs.

CEO video at the link [link to www.sfgate.com (secure)]
 Quoting: Swingline


funny he didn't mention politics?

isn't politics at the root of all corporate moves?
Anonymous Coward
User ID: 75873224
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12/06/2021 12:40 PM
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Re: Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom - Tech Mortgage Company
I wonder how many got the shot to keep their jobs....
Anonymous Coward
User ID: 12762317
United States
12/06/2021 12:42 PM
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Re: Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom - Tech Mortgage Company
This is the z!0 world your living in.
It’s all a facade with no real monetary value, yet Forbes puts out misleading information because it’s all insiders giving each other reach arounds and leading you all astray. Once the shell, front company has been given the huge loan, they just dump it, take the money and disappear.

Your capitalist system is just bank sponsored usury.
 Quoting: Anonymous Coward 81447633


Tulip Craze. Just like the 1999-2001 period of ridiculous tech startup valuations, VC's and executives cash out then crash the companies into the ground. "Unicorns" that have $20B+ valuations but bleed cash every quarter... crazy stuff.
Anonymous Coward
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12/06/2021 12:44 PM
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Re: Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom - Tech Mortgage Company
Looks like the books were cooked. Valued at 7B? Bwahaha, like shit companies valued at hundreds of millions out the gate during the .com bubble.... The cash infusion either came with strings, or they were bleeding out the ass on revenue...
Anonymous Coward
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Canada
12/06/2021 12:44 PM
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Re: Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom - Tech Mortgage Company
I 'd like to know the demographics of those he fired VS those he kept.

It was likely a purge of Whites.
 Quoting: Anonymous Coward 75687968


likely.. needed them to get it all setup.. look at name of CEO?
Let'sgoBrandon

User ID: 78117982
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12/06/2021 12:54 PM
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Re: Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom - Tech Mortgage Company
This is the z!0 world your living in.
It’s all a facade with no real monetary value, yet Forbes puts out misleading information because it’s all insiders giving each other reach arounds and leading you all astray. Once the shell, front company has been given the huge loan, they just dump it, take the money and disappear.

Your capitalist system is just bank sponsored usury.
 Quoting: Anonymous Coward 81447633


It isn't the system itself, it's the morality of those running it.

Any system imagined can work or fail.
What matters is the morality and the priorities of those managing it.

Capitalism is a theory, as are other economic theory models
And they will cause as much success or failure as the operating morality affords them.

Don't confuse economic theory with ethics, they're two separate issues and trying to imagine any intrinsic value system in connection of them is wrong.
The real problem with idealizing or demonizing any theory is the human wild card and the ethics of those on the top.

If you dont understand how culture and morality impact economics you must keep your fool mouth shut until you learn that any design can be significantly fucked up and made dysfunctional by its implementation.
 Quoting: Anonymous Coward 76626437


I have been saying precisely the same for years.
Diversity or Culture?


You chose poorly...
notsofastmr

User ID: 79015620
United Kingdom
12/06/2021 01:34 PM
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Re: Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom - Tech Mortgage Company
laid off employees that didn't actually exist.
notsofastmr
T-Man
Entitled title

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12/06/2021 01:36 PM

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Re: Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom - Tech Mortgage Company
Sounds like a scam.
 Quoting: Ritard


yea. everything about this. from the unicorn to the zoom layoff
No holds barred

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Mexico
12/06/2021 01:38 PM

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Re: Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom - Tech Mortgage Company
I 'd like to know the demographics of those he fired VS those he kept.

It was likely a purge of Whites.
 Quoting: Anonymous Coward 75687968


i would not be surprised at this point
No holds barred

User ID: 35501988
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12/06/2021 01:38 PM

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Re: Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom - Tech Mortgage Company
ceo laid of people and gave himself a bonus,

that is how this chitt works
Anonymous Coward
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12/06/2021 01:47 PM
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Re: Startup valued at $7B gets flack as CEO lays off 900 employees over Zoom - Tech Mortgage Company
Greedy scumbags.
 Quoting: This Is Not Me


Never had a business have you?





GLP