Overview
- Better's board removed founder Vishal Garg from the CEO role earlier this month and installed board member Daniel Lewis as interim chief.
- The board says Garg withheld documents needed for the company’s Form 10-Q and pointed to more than $1.5 billion in GAAP losses since 2022 and a roughly 90% stock decline under his leadership.
- Garg remains on the board, has hired attorney Alex Spiro, says he controls Class B voting power and is asking to be reinstated while offering to work for $1 a year.
- Garg has proposed a $30 million buyback and a $5 million personal investment, while Better has accused him of unlawful solicitation and said he lacks the votes to seize control.
- The dispute is delaying filings, hurting investor confidence, and could lead to shareholder votes or litigation that would complicate cost cuts, a planned shift to partner-led distribution and possible asset sales.