Better.com went public Wednesday in a SPAC merger gone terribly wrong. Its CEO isn’t getting much sympathy.
last year, Garg brought an ax into the office as a gift for an executive who had laid off a number of employees.
“We have not really been actively supporting the company since [he fired workers on Zoom],” one investor toldGarg appears to have been on an apology tour of late, tellingearlier this week that he had been through “a lot of leadership training” and was working “really, really hard to change the way that I show up to the team every day, and to be more empathetic and to treat them with the same level of kindness that I showed our customers.
The merger with Aurora was supposed to relieve some of these woes, unlocking $528 million in funding from SoftBank and allowing it to change its name from the scandal-scarred Better.com. In a statement to TechCrunch, Aurora CEO Arnaud Massenet said he believed the merger would “deliver long-term value for our shareholders” and that he “look[s] forward to being part of the next stage of this journey.
But Better has other issues lurking in the wings. The U.S. Securities and Exchange Commission opened an investigation into the company last year based on a lawsuit filed by an outgoing executive who claimed Better misled investors about the company’s financial outlook. The commission declined to bring an enforcement action against the company this month, but said in a statement that that decision should “in no way be construed as indicating that the party has been exonerated.
Garg, meanwhile, is facing his own share of lawsuits from former business partners who claim he misappropriated their money or swindled them out of millions, including one whom he threatened in a deposition to “staple … against a fucking wall and burn … alive,” according to
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