Better.com CEO laid off 900 employees thanks to Zoom

“If you’re on this call, you’re part of an unlucky group that’s being laid off,” Garg said on the call, an audio recording that was seen by CNN Business. “Your employment here will be effective immediately.”

Then, he said, employees can expect an email from human resources detailing benefits and severance.

“Having to conduct layoffs is very frustrating, especially at this time of year,” Chief Financial Officer Kevin Ryan said in a statement to CNN Business. “However, our reduced and concentrated balance sheet and workforce are all set for us to play offensively as we enter the burgeoning home ownership market.”

“This is the second time in my career I’ve done this and I don’t want to do this. The last time I did it, I cried,” Garg said on the call, still brief and emotionless.

Among those laid off was a diverse, fair and inclusive recruitment team.

The Softbank-backed mortgage lender in May announced it would go public through a SPAC and last week received $750 million in cash as part of the deal. The company is set to have more than $1 billion on its balance sheet.

Garg has been involved in controversies before, as evidenced by the email he sent to the staff was collected by Forbes.

“You’re TOO slow. You’re a bunch of DUMB DUMBs… SO STOP GOING. STOP GOING. STOP RIGHT NOW. YOU ARE EMBROIDING ME,” he wrote.

The Daily Beast reported in August that one of Garg’s “most loyal lieutenants” had received great privilege, such as multi-million dollar stock options that can be granted instantly, incomparable to other employees. That person was subsequently placed on administrative leave for bullying.