• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 

2

Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'

3

Meet a 21-year-old community college student who's going to China as the first American woman welder in the trades Olympics

1

Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 

2

Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'

3

Meet a 21-year-old community college student who's going to China as the first American woman welder in the trades Olympics
Real EstateLayoffs

Video shows Better.com CEO telling employees, ‘You will not be allowed to fail twice’

Jessica Mathews
By
Jessica Mathews
Jessica Mathews
Senior Writer
Down Arrow Button Icon
Jessica Mathews
By
Jessica Mathews
Jessica Mathews
Senior Writer
Down Arrow Button Icon
December 16, 2021, 9:00 AM ET

In a video leaked to Fortune, the embattled CEO of mortgage startup Better.com is seen addressing employees immediately after having laid off 900 staffers—using language that some Better employees later said made them feel threatened.

In a 35-second video clip, Vishal Garg, who has since taken an indefinite leave of absence, underscored that New York City–based Better would be more focused on deadlines and that employees wouldn’t be allowed to fail more than once. 

“Parts of this organization that have not been deadline-centric before will be extremely deadline-centric going forward,” Garg told employees during the video call two weeks ago. “You will not be allowed to fail twice. You will be encouraged to fail once, but not allowed to fail twice. Not meeting deadlines will not be acceptable.”

He continued, “Is that going to change things a little bit? Yes. It’s going to make things better, and that’s what we’re here for.”

It was these comments, as well as subsequent statements that Garg confirmed he made on an anonymous online professional network, that employees told Fortune felt intimidating or overly critical. In the online posts, which he later confirmed came from him, Garg accused hundreds of staffers he had laid off of “stealing” from colleagues and customers by working only two hours a day.

“His tone was extremely harsh and threatening,” one current employee, who asked not to be identified for fear of retribution, told Fortune.

In an interview in the days after the layoffs, Garg said he didn’t mean his comments to come off as threatening. He did confirm the company would more closely monitor the productivity data of individual workers, which some employees said they felt was invasive.

After Fortune and other media outlets published articles about Garg’s meeting and online posts, he issued a companywide apology.

“I own the decision to do the layoffs, but in communicating it I blundered the execution. In doing so, I embarrassed you,” Garg wrote in the email.

Contacted about this article, Garg declined to comment. A Better.com spokeswoman didn’t respond to a request for comment.

Garg’s video call, a portion of which was given to Fortune anonymously, came after he laid off 9% of the company amid a slowdown in the mortgage industry. Shortly after media coverage about the layoffs, and how Garg handled them, Better increased the severance it paid to its laid-off U.S. employees to 60 days, instead of the original four weeks, according to an email sent to laid-off employees earlier this month that was seen by Fortune.

Last week, Better.com’s board told the company that Garg was stepping away from his duties, effective immediately, and that the company’s chief financial officer would take over day-to-day operations. This also followed a report by Vice that Garg had allegedly called one of the company’s investors “sewage” and told him to divest after the investor expressed concern about Better going public via a SPAC merger, which involves combining with a blank check company, as opposed to a traditional initial public offering.

Better, which had been set to go public before the end of the year, had delayed its planned SPAC merger before the company layoffs. According to people familiar with the matter who spoke with Bloomberg, the delay was because the company had revised the terms of its merger.

Better is backed by investors including SoftBank, Novator Partners, Activant Capital, and others.

Never miss a story: Follow your favorite topics and authors to get a personalized email with the journalism that matters most to you.

About the Author
Jessica Mathews
By Jessica MathewsSenior Writer
LinkedIn iconTwitter icon

Jessica Mathews is a senior writer for Fortune covering transportation, defense tech, and Elon Musk’s companies.

See full bioRight Arrow Button Icon

Latest in Real Estate

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Real Estate

Mortgage rates today, May 21, 2026
Personal Financemortgages
Mortgage rates today, May 21, 2026
By Glen Luke FlanaganMay 21, 2026
18 minutes ago
Current refi mortgage rates report for May 21, 2026
Personal FinanceReal Estate
Current refi mortgage rates report for May 21, 2026
By Glen Luke FlanaganMay 21, 2026
18 minutes ago
Current ARM mortgage rates report for May 21, 2026
Personal FinanceReal Estate
Current ARM mortgage rates report for May 21, 2026
By Glen Luke FlanaganMay 21, 2026
18 minutes ago
target
Retailearnings
Target posts biggest jump in comparable sales in 4 years as turnaround takes shape
By Anne D'Innocenzio and The Associated PressMay 20, 2026
16 hours ago
housing
Real EstateHousing
Single Gen Z women are destroying their male counterparts when it comes to buying their first house
By Alex Veiga and The Associated PressMay 20, 2026
16 hours ago
How the multibillion dollar AI data center boom has transformed CBRE, the world’s largest commercial real estate company
Real EstateData centers
How the multibillion dollar AI data center boom has transformed CBRE, the world’s largest commercial real estate company
By Sharon GoldmanMay 20, 2026
23 hours ago

Most Popular

Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
Workplace Culture
Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
By Preston ForeMay 19, 2026
1 day ago
Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'
Success
Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'
By Preston ForeMay 20, 2026
16 hours ago
Meet a 21-year-old community college student who's going to China as the first American woman welder in the trades Olympics
Future of Work
Meet a 21-year-old community college student who's going to China as the first American woman welder in the trades Olympics
By Mike Householder and The Associated PressMay 17, 2026
4 days ago
The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
Politics
The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
By Jake AngeloMay 12, 2026
8 days ago
Dr. Bernice King on why companies that walked back DEI were never truly committed: 'If you retreat that quick…that reveals who you really are'
Workplace Culture
Dr. Bernice King on why companies that walked back DEI were never truly committed: 'If you retreat that quick…that reveals who you really are'
By Preston ForeMay 19, 2026
2 days ago
Current price of oil as of May 20, 2026
Personal Finance
Current price of oil as of May 20, 2026
By Joseph HostetlerMay 20, 2026
18 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.