Better.com (layoffs era)

Digital mortgage raised $1B+, processed $25B in COVID-era refinancing, hired 10,000 employees — then 2022 mortgage rates hit 7%, refinancing collapsed 80%, 9,000 employees were fired, SPAC valued at $7.7B went public at $5/share

Years-long decline before final shutdown · Fatal mistake: Better.com built digital mortgage origination. Raised $1B+. During COVID (2020-2021), low mortgage rates drove massive refinancing volume — Better processed $25B in mortgages. Then December 2021: CEO Vishal Garg fired 900 employees on Zoom. 2022: mortgage rates rose from 3% to 7%, refinancing volume collapsed 80%. Better laid off 9,000 total employees. SPAC merger with Aurora Acquisition Corp delayed repeatedly. Company went public August 2023 at $5/share after being valued at $7.7B at SPAC announcement.