Vishal Garg Wiki, Age, Wife, Children, Family, Biography and More – WikiBio
Vishal Garg is an Indo-American entrepreneur. He is the founder of Better.com, a mortgage company based in New York, USA. He made news for firing more than 900 employees in a Zoom call in December 2021.
Wiki/Biography
Vishal Garg was born in 1979 (Age 42; as of 2021) in India. From 1991 to 1995, he studied at Stevenson High School in New York, USA. He then pursued a BA in Finance and International Business at NYU Stern School of Business in New York City from 1995 to 1998. At the age of 7, Vishal moved with his family to Queens, New York City, USA from India.
appearance
Height (approximately): 5′ 8″
hair color: Black
eye color: Black
family
parents and siblings
Not much information is available about his parents and siblings.
wife and children
Vishal is married to Sarita James, CEO of Embark, a UK-based admissions software company. The couple have three children, including a daughter named Uma Garg.
Vishal Garg’s wife Sarita James
Uma, daughter of Vishal Garg
Profession
In 1998, he joined New York-based financial services firm Morgan Stanley, where he worked for a year. In January 2000, he co-founded online student loan provider MyRichUncle (parent company MRU Holdings) with high school classmate Raza Khan. The initial capital investment was made by Raza’s brother. In March 1999, he co-founded New York-based investment holding company One Zero Capital, with which he worked until January 2014. In March 2011, he became one of the founding partners of the insurance company “Phoenix Holdings”. ‘ In January 2014, he founded the mortgage company Better.com in Greater New York City, USA. The company is backed by various financial institutions including SoftBank, L Catterton, Kleiner Perkins, Goldman Sachs, Ally Bank, American Express, Citi and other investors.
dispute
- Tiff with his business partner Raza Khan
In 2009, his company MyRichUncle faced the aftermath of the subprime mortgage crisis and was declared Chapter 7 bankruptcy. In 2013, his partners at the firm Raza Khan sued him, alleging that Vishal had extracted funds and technology assets from EIFC, their successor. In 2012, Raza sued Vishal’s company “Embark” for misuse of funds owed to universities and accused Vishal of making fraudulent financial statements. Khan later accused him of embezzling funds and proprietary software to start his company Better.com. Khan further shared that many of Vishal’s investors exited the company, and some of them sued him for fraudulent activity. In December 2019, a local court filing in the Khan and Garg case said Garg made a statement against Khan that he would nail him to a fucking wall and burn him alive .
Raza Khan, former business partner of Vishal Garg
- Layoffs via Zoom Call
In December 2021, he was heavily criticized for firing about 900 employees on a Zoom conference call. He said in a Zoom call,
Hi everyone, thanks for joining. It’s not good news that I came to you. As you know, the market has changed and we have to go with the flow to survive so we can continue to prosper and fulfill our mission. It’s not what you want to hear, but in the end it’s my decision and I want you to hear it from me. This is a very, very challenging decision. This is the second time in my career I have done this and I don’t want to do it. I cried the last time I did this. This time, I want to be stronger.But we are laying off about 15% of the company [a number of] Reasons: Markets, Efficiency, Performance and Productivity. If you are answering this call, you are part of the unfortunate group of being fired. Your work here has been terminated. Effective immediately. “
He apologised to employees after being brutally criticised for his actions. In the apology email, he wrote,
I want to apologize for the way I handled layoffs last week. I have not shown proper respect and appreciation to the individuals affected and their contributions to Better. I had the decision to make layoffs, but I made a mistake in communicating it. By doing so, I embarrass you. I realized that the way I delivered this message made a difficult situation worse. I am deeply sorry and committed to learning from this situation and doing more to be the leader you expect me to be. At Better, your dedication, focus and expertise are critical to the important work we do to unlock the value, joy and opportunity of homeownership for clients across the country. I am so grateful for everything you do for the clients we serve. We will discuss more about what to expect in the coming year in our upcoming plenary session. I hope you can discuss with me. We’re also taking quick steps to make sure we’re very transparent as a company and aligned on our 2022 goals, the metrics that matter most, and how we can better work together to better serve our customers and deliver on our mission. I believe in you, I believe in Better, and I believe that working together, we can improve homeownership. – Thank you, Vishal. “
Later, his former employee shared that he used to send rude emails to employees. One such email is,
Hello – Wake up a better team. You are so damn good. You are a bunch of stupid dolphins and… stupid dolphins are caught in nets and eaten by sharks. So stop. stop. stop now. You embarrass me. “
net worth
As of August 2021, his net worth is about $1 billion.
Facts/trivia
- While studying at Stevenson High School in Manhattan, he resold CliffsNotes study guides and books, as well as second-hand clothes, for a huge profit.
- In 2021, he donated about $2 million (in partnership with the NYC Public Schools NGO Fund) to purchase Chromebooks, iPads, wifi hotspots, books, and uniforms for NYC’s more than 20,000 public school students.
- His company name “Better.com” was included in the 2020 Forbes FinTech 50 list.
- In an interview, he shared how he thought about starting a mortgage company. He said,
My wife is pregnant with our second child and we are still renting. We ended up losing a place we wanted to buy to all-cash buyers because our mortgage process was so long and inefficient. “
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