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.

fortune.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%.

8/24/2023

Better's shares plummet 93% in Nasdaq debut

Shares of Better Home & Finance Holding, the parent company of digital lender Better.com, plummeted 93.4% on its Nasdaq debut after merging with a special purpose acquisition company (SPAC), due to a weak mortgage market and dwindling investor interest in SPACs.

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

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.

8/27/2023

Better.com's public market debut was Miserable.com

Digital mortgage lender Better.com had a disastrous public market debut, with its stock closing at just $1.19, resulting in a market cap of only $19.14 million, compared to its initial plans to go public at a $7.7 billion valuation. Conversely, Affirm, another fintech company, saw its stock prices rise by nearly 30% after reporting better-than-expected earnings.

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Posted 8/25/2023, 12:28:00 PM

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

fortune.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%.

8/24/2023

Better's shares plummet 93% in Nasdaq debut

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

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

8/27/2023

Better.com's public market debut was Miserable.com