900 tech startup employees laid off via Zoom call

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Hundreds of employees in a tech startup labeled as “unicorn” by Forbes were laid off online, shortly after it got $750 million cash infusion.

Some 900 employees at digital mortgage lender Better.com have been laid off in a Zoom call which was only joined by those who were dismissed, SFGATE reported.

The mass layoff was a huge change for the startup which expressed going public just this year.

“I come to you with not great news,” the company’s CEO Vishal Garg said in the video. “The market has changed, as you know, and we have to move with it in order to survive.”

“This isn’t news you’re gonna wanna hear, but ultimately it was my decision and I wanted you to hear it from me,” he added. “The last time I did this, I cried. This time, I hope to be stronger.”

The video has been uploaded on TikTok and YouTube.

Shortly after, he came back to business and told the employees on joining the communication platform that they were laid off.

“If you’re on this call, you are part of the unlucky group that is being laid off,” the CEO said.

The layoff is caused by “market efficiency, performances, productivity,” among others, he said.

One of the employees seemed to be angered and he said: “F—k you, dude,” as the CEO made the announcement.

Garg also wished the dismissed employees luck, hoping they would be “more successful, more fortunate, and luckier in your next endeavor.”

The startup, however, was found to have gained a huge cash infusion from its supporters.

TechCrunch got an internal email coming from the company’s Chief Financial Officer Kevin Ryan, saying that the firm would obtain “$1 billion of cash on the company’s balance sheet.” The Business Insider also reported that the tech startup has added 7, 000 more workers during the pandemic.