<p>Better.com CEO Vishal Garg, who hogged the limelight for firing nearly 900 employees over a Zoom call in 2021, has acknowledged to employees that he "personally guaranteed" $750 million of the $1.5 billion cash infusion into the company by SoftBank.</p>.<p class="bodytext">It was Garg and not the company, who took responsibility for compensating the Japanese investment giant SoftBank for any losses, reports TechCrunch.</p>.<p class="bodytext">On November 30, 2021, Better.com, which is a digital mortgage lender, announced that "Aurora Acquisition Corp and SoftBank decided to amend the terms of their financing agreement to provide Better with half of the $1.5 billion they committed immediately instead of waiting until the deal closes".</p>.<p class="bodytext">A filing by Aurora said the "Better Founder and CEO in his personal capacity has agreed to enter into a side letter with SoftBank, according to which he may be liable for realised losses or receive payments in certain circumstances from SoftBank in connection with the post-closing convertible notes".</p>.<p class="bodytext">In response, Garg in an email to employees acknowledged personal responsibility for the $750 million cash infusion, the report said late on Friday.</p>.<p class="bodytext">"I am fully committed with everything I own and will ever own. Five years from now, when that SoftBank $750 million loan comes due around my 50th birthday, it means I have nothing. Well, at least we will have given it a real shot... this is true. I did personally guarantee three quarters of a billion dollars and I'm personally liable for it," he told the employees.</p>.<p class="bodytext">The report, citing sources, also said Better.com in recent weeks offered "its workers in India the option to leave under a voluntary separation agreement". In total, nearly 920 workers had their resignations accepted.</p>.<p class="bodytext">After laying off nearly 4,000 employees in the US and India, digital mortgage lender Better.com offered employees paid severance or voluntary separation and health insurance coverage.</p>.<p class="bodytext">According to the company, the uncertain mortgage market conditions created an exceedingly challenging operating environment for many companies in the industry.</p>
<p>Better.com CEO Vishal Garg, who hogged the limelight for firing nearly 900 employees over a Zoom call in 2021, has acknowledged to employees that he "personally guaranteed" $750 million of the $1.5 billion cash infusion into the company by SoftBank.</p>.<p class="bodytext">It was Garg and not the company, who took responsibility for compensating the Japanese investment giant SoftBank for any losses, reports TechCrunch.</p>.<p class="bodytext">On November 30, 2021, Better.com, which is a digital mortgage lender, announced that "Aurora Acquisition Corp and SoftBank decided to amend the terms of their financing agreement to provide Better with half of the $1.5 billion they committed immediately instead of waiting until the deal closes".</p>.<p class="bodytext">A filing by Aurora said the "Better Founder and CEO in his personal capacity has agreed to enter into a side letter with SoftBank, according to which he may be liable for realised losses or receive payments in certain circumstances from SoftBank in connection with the post-closing convertible notes".</p>.<p class="bodytext">In response, Garg in an email to employees acknowledged personal responsibility for the $750 million cash infusion, the report said late on Friday.</p>.<p class="bodytext">"I am fully committed with everything I own and will ever own. Five years from now, when that SoftBank $750 million loan comes due around my 50th birthday, it means I have nothing. Well, at least we will have given it a real shot... this is true. I did personally guarantee three quarters of a billion dollars and I'm personally liable for it," he told the employees.</p>.<p class="bodytext">The report, citing sources, also said Better.com in recent weeks offered "its workers in India the option to leave under a voluntary separation agreement". In total, nearly 920 workers had their resignations accepted.</p>.<p class="bodytext">After laying off nearly 4,000 employees in the US and India, digital mortgage lender Better.com offered employees paid severance or voluntary separation and health insurance coverage.</p>.<p class="bodytext">According to the company, the uncertain mortgage market conditions created an exceedingly challenging operating environment for many companies in the industry.</p>