Key facts
- Vishal Garg is attempting to regain control of Better by securing majority shareholder voting power.
- Garg has proposed working for $1 annually until the company is profitable and repurchasing $30 million in stock.
- Better's board has opposed Garg's bid, citing significant financial losses and concerns about his conduct.
- The company cited over $1.5 billion in cumulative GAAP net losses and a 90% stock price decline during Garg's tenure.
- Better alleges Garg's refusal to sign representation letters caused a delay in its quarterly filing.
Vishal Garg, founder and former CEO of Better Home & Finance Holding Co., is seeking to regain control of the company by securing majority shareholder voting power, with the support of attorney Alex Spiro. Garg has stated he has obtained signed declarations from shareholders representing a majority of the company's voting power, which could be used to call a special meeting if the board does not implement his requested changes.
This move follows Better's recent announcement that board member Daniel Lewis would succeed Garg as interim CEO. Garg, however, emphasized his continued role as founder, board director, and the company's single largest voting shareholder. Better recently reported a Q2 2026 adjusted EBITDA loss of $14 million, with projections for this loss to increase to between $15 million and $18 million in Q3 2026. The company, which went public in 2023 via a SPAC merger, has seen its stock price decline by over 90% and has reported 11 consecutive quarters of losses, previously expecting profitability by the end of Q3 2026.
Garg's proposal includes working for $1 per year until the company is profitable and repurchasing $30 million of the company's stock, including $10 million within the first five trading days. His plan also calls for the resignation of five directors, effectively handing control back to him, and envisions working with a new board to prioritize profitability and shareholder value.
Better's board has pushed back against Garg's bid, citing concerns about his judgment, temperament, and credibility, and unanimously voted to remove him as CEO. The company pointed to over $1.5 billion in cumulative GAAP net losses since 2022. Better also alleged that Garg's refusal to sign required representation letters was the sole reason for the delayed filing of its quarterly Form 10-Q, characterizing the move as an attempt to extract self-serving concessions. The board stated it is committed to acting in the best interest of all shareholders and will not be bullied, noting that shareholders have established processes for changing board composition.