Viral Startup Cautionary Tale

Summary: The transcript captures a controversial mass layoff conducted by Better.com CEO Vishal Garg via Zoom, which became a notorious example of how not to handle corporate layoffs.

"Hi everyone, thank you for joining. The market has changed as you know and we have to move with it in order to survive. This is news you're gonna want to hear, but ultimately it was my decision and I wanted you to hear from me. This is the second time in my career, and I do not want to do this. The last time I did it I cried, this time I hope to be stronger.

We are laying off about 15% of the company. If you're on this call, you are part of the unlucky group. Your employment here is terminated effective immediately. You're going to get an email from hr@better.com to your personal email address. We're providing 4 weeks of severance, 1 month of full benefits and 2 months of COBRA for which we will pay the premium.

I wish the news was different. I wish we were thriving as we were at the beginning of this year. Thank you for everything you've done for Better."

The delivery was widely criticized for being impersonal, poorly executed, and self-centered, with the CEO focusing on his own emotional state rather than the affected employees. The video went viral and became a prime example of poor leadership during difficult corporate decisions.