Shares of online mortgage lender Better.com are down as much as 95% after it debuted on the Nasdaq.
Stocks fell at the opening bell. They fell so fast that trading stopped four times in the first 30 minutes.
Better.com CEO Vishal Garg brutally laid off 900 employees over a Zoom call in 2021.
Better Home & Finance, or Better.com, had a shocking appearance Thursday on the Nasdaq stock exchange — with the stock down as much as 95% on its first day of trading.
Shares of the Softbank-backed online mortgage lender — which merged with Aurora Acquisition Corp. — fell. With blank checks – at the opening bell. It fell so fast that trading stopped four times in the first 30 minutes. Insider’s Alex Nicol reported Thursday.
Better.com’s disastrous Nasdaq debut follows dramatic turnarounds at the digital mortgage company since December 2021 when Vishal Garg was CEO. 900 employees were brutally laid off over a Zoom call.
At least 250 laid-off employees have also been accused of stealing from the company for over-reporting their hours. luck I mentioned at the time.
Word got out of Garg’s handling of the mass firing, and he later apologized to the rest of the staff, admitting that he had done so. “mistaken” of layoffs.
Garg seems to have come out as a different person from the episode Techcrunch In an interview published on Wednesday, he said he has since done so I went through “a lot” of driving training And he “worked really hard” to be a nice boss.
Better.com has grown exponentially During the covid-19 pandemic thanks to a hot housing market and low interest rates. But she published a net loss for the first quarter $89.9 million in July due to Low mortgage demand Against the background of rising interest rates.
Despite the setback in its stock price in its first trade, Better.com said it takes a long-term view of its business.
“We’re focused on building a multigenerational business that creates long-term value for our investors,” Kevin Ryan, Better.com’s president and chief financial officer, told Insider.
The shares closed down 93.4% at $1.15 a share on Thursday.
Read the original article at Business interested