I am personally liable for soft bank loan of $750 million: Vishal Garg
San Francisco: According to a TechCrunch report, it was Vishal Garg and not the company that had taken responsibility for any loss suffered by Japanese investment giant SoftBank. On 30 November 2021, Better.com, a digital mortgage lender, announced that Aurora Acquisition Corp and SoftBank had decided to amend the terms of their financing agreement.
A filing by Aurora said the Better Founder and CEO has agreed to enter into a side letter with SoftBank in his personal capacity. According to which he may be liable for damages or may receive payment in certain circumstances from SoftBank in connection with the post-close. In response, Garg accepted personal responsibility for $750 million in cash in an email to employees.
Garg said that I personally had guaranteed three-fourths of a billion dollars and I am personally responsible for it. The report also said, citing sources, that in recent weeks, Better.com had given its employees in India the option to leave. In all, about 920 workers accepted to resign.
Digital mortgage lender Better.com offered employees pay severance or voluntary separation and health insurance coverage after laying off nearly 4,000 employees in the US and India. According to the company, the uncertain mortgage market conditions have created a highly challenging operating environment for many companies in the industry.