A 'valuation reset' hits the IPO market as Better stock crashes 90% after debut

Shares of online mortgage lender Better.com's parent company, Better Home & Finance, plummeted over 90% on its first day of trading after a merger with Special Purpose Acquisition Company (SPAC) Aurora Acquisition Corp, highlighting the struggles faced by SPAC deals in a challenging market.

yahoo.com

Relevant topic timeline:

8/23/2023

As Better.com readies for its public debut, CEO Vishal Garg says he went through 'a lot of leadership training'

Online mortgage lender Better.com, which recently made its public debut on Nasdaq, has secured $565 million in fresh capital, including a $528 million convertible note from SoftBank affiliates, as it looks to grow its business and improve its technology to provide faster and cheaper home loans.

8/24/2023

Better.com's stock tanks after SPAC combination brings it to the public markets

Shares of Better.com plummeted after the company completed its SPAC merger and began trading as a public company, losing over 90% of its value due to a downturn in the housing market and a series of missteps.

8/24/2023

Mortgage Company Starts Trading, Promptly Sinks

Better Home & Finance, a mortgage company that recently went public, experienced a significant drop in its share value, falling 93%.

8/25/2023

Shares of Better.com — whose CEO fired 900 workers on a Zoom call — slumped 95% on their first day of trade

Shares of online mortgage lender Better.com plunged as much as 95% on its Nasdaq debut, following a series of controversies including a mass layoff of 900 employees via a Zoom call by CEO Vishal Garg.

8/25/2023

Better.com CEO Who Fired 900 People On Zoom Is Struggling To Keep His Company Afloat

SoftBank-backed company Better.com, led by CEO Vishal Garg, faces financial struggles and plummeting stock prices after going public via a SPAC merger, with investors attributing the decline to Garg's brash leadership style and the company's lack of financial controls.

8/25/2023

Vishal Garg, the CEO who mass sacked employees over Zoom, suffers epic SPAC disaster as shares nosedive over 90%

On its first day of trading, online mortgage lender Better.com experienced a 93% loss in investor capital, leading to a catastrophic plunge in stock value, despite the company's optimistic outlook and recent merger for increased funding.

8/25/2023

CEO Who Fired Employees Via Zoom Sees Stock Crash Spectacularly

Mortgage lender Better.com experienced a significant drop in share prices after going public, following financial decline, mass layoffs, and controversial behavior by CEO Vishal Garg.

8/25/2023

SoftBank-backed mortgage lender Better steady after bleak debut

Shares in online mortgage lender Better Home & Finance Holding rebounded slightly after a poor debut, with the company backed by SoftBank seeing a 4.3% increase in its stock price following a merger with a blank-check company, although it still finished the day down 93.4%; CEO Vishal Garg believes the company's technology will drive long-term growth and create shareholder value when interest rates normalize.

Topics

Posted 8/26/2023, 2:15:59 PM

A 'valuation reset' hits the IPO market as Better stock crashes 90% after debut

yahoo.com

Relevant topic timeline:

8/23/2023

As Better.com readies for its public debut, CEO Vishal Garg says he went through 'a lot of leadership training'

8/24/2023

Better.com's stock tanks after SPAC combination brings it to the public markets

8/24/2023

Mortgage Company Starts Trading, Promptly Sinks

Better Home & Finance, a mortgage company that recently went public, experienced a significant drop in its share value, falling 93%.

8/25/2023

Shares of Better.com — whose CEO fired 900 workers on a Zoom call — slumped 95% on their first day of trade

8/25/2023

Better.com CEO Who Fired 900 People On Zoom Is Struggling To Keep His Company Afloat

8/25/2023

Vishal Garg, the CEO who mass sacked employees over Zoom, suffers epic SPAC disaster as shares nosedive over 90%

8/25/2023

CEO Who Fired Employees Via Zoom Sees Stock Crash Spectacularly

Mortgage lender Better.com experienced a significant drop in share prices after going public, following financial decline, mass layoffs, and controversial behavior by CEO Vishal Garg.

8/25/2023

SoftBank-backed mortgage lender Better steady after bleak debut