Vishal Garg Demands Reinstatement as Better Home and Finance CEO

Founder and former CEO Vishal Garg is demanding his reinstatement at Better Home and Finance after the company's board terminated him on August 3. Garg has retained lawyer Alex Spiro to send a formal demand letter to the board, offering to work for a salary of $1 per year until the company reaches profitability.

Garg alleges that his replacement, interim CEO Daniel Lewis, "hoodwinked" him to gain a board seat on July 27 by praising the company's strategy and winning Garg's confidence before orchestrating his removal. Garg claims he possesses sufficient voting power through Class B shares and support from early investors to potentially reclaim control of the firm.

The board justified the firing by citing concerns over Garg's "judgment, temperament and credibility," noting that the company has suffered losses exceeding $1.5 billion since 2022. Under Garg's leadership, the company's valuation plummeted from $8 billion to approximately $300 million. Garg disputes this narrative, arguing that the company has tripled its loan volume and is nearing profitability through AI-driven mortgage processing. Since Lewis took over, the company's stock has dropped 45%.