What Happened to Better Home & Finance?
Ticker: BETRSPAC Year: 2021Merger: 2023
Return
-99.5%
Current Price
$0.75
Peak Price
$69.98
Trust Size
$750M
Summary
Mortgage lender infamous for CEO Vishal Gargs mass layoff of 900 employees on a Zoom call. Stock crashed 99.5% as rising interest rates destroyed the mortgage market.
What Happened
Better.com announced a SPAC merger with Aurora Technology in May 2021 at a $7.7B valuation. But the deal was delayed for 2 years as CEO Vishal Garg became infamous for firing 900 employees on a single Zoom call in December 2021 â calling them "dumb dolphins." Rising interest rates decimated the mortgage industry. By the time the merger finally closed in August 2023, Better had lost 90%+ of its revenue. The stock immediately cratered from $70 (adjusted for reverse splits) to under $1. Garg retains control via super-voting shares despite the destruction.
Key People
Timeline
2021-05
SPAC merger announced at $7.7B
2021-12
CEO fires 900 on Zoom call
2022-01
Deal delayed, due diligence restart
2023-08
Merger finally closes 2 years late
2024-01
Stock under $1, 1:50 reverse split