VISHAL GARG REMOVED AS CHIEF EXECUTIVE OF BETTER HOMES & FINANCE

Vishal Garg, founder and chief executive of Better Homes & Finance, was removed from his position on 3 August. Daniel Lewis, a hedge fund manager who had joined the board one week earlier, replaced Garg as interim chief executive. Garg alleged that Lewis had misled him to secure a board position before persuading other board members to remove him. The company's stock fell by 45 per cent following the leadership change.

Garg became widely known in 2021 after dismissing approximately 900 employees during a Zoom call. At the time of his removal, Garg stated that the company was approaching profitability. Following his ousting, he hired legal representation and demanded reinstatement. Garg also made an offer to work for one dollar per year until Better returned to profit.

The circumstances surrounding Garg's removal and his account of Lewis's conduct remain disputed. Better Homes & Finance has not issued a detailed public statement regarding the reasons for the leadership change. Garg's claim of misrepresentation by Lewis and his subsequent demand for reinstatement indicate that the matter may proceed to further legal or corporate action.