The CEO of Better.com, an online mortgage lender, told a reported 900 employees on a Zoom call that they were being let go.
"If you're on this call, you are part of the unlucky group that is being laid off," Better.com CEO Vishal Garg said on the call. "Your employment here is terminated, effective immediately."
Garg told the employees that they would be entitled to four weeks of severance pay and a month of full benefits— in addition to options for more extended coverage.
Garg blamed the evolving housing market for the layoffs, saying Better.com needs to remain "nimble."
However, Fortune reports that Garg wrote a blog post that said the laid-off workers were "stealing" from colleagues and customers by being unproductive.
Better.com reportedly got a $750 million cash infusion from investors in November. TechCrunch says the company was due to have $1 billion on its balance sheet in December.