Online mortgage lender better.com’s downward spiral continues as four more top executives leave the company. The embattled company has been in hot water ever since news broke in December of 2021 that the company decided to lay off 900 employees.
Given the size of that number represented 9% of the company’s workforce which is pretty significant. This move left investors skeptical about the internal operations of the company and what was going on.
This news made headlines at the time and images of the firing incident were trending on the internet. It seems as if trouble never quite left the company ever since.
To make matters worse, there are rumors that the company is preparing to lay off between 40-50% of its workforce in March of 2022. Despite the layoffs, it seems as if the company is trying to stay afloat by cutting costs and hiring cheap labor elsewhere from countries such as India.
For a company that hasn’t gone public as yet, it will be fascinating to see how this plays out. The company’s $6.9 billion deal which was to happen in December of 2021 has been delayed and it’s obvious why at this point.
The company had a very poor fourth quarter with net losses at approximately $182 million and revenue fell as much as 22% from the previous quarter.
