{"id":63792,"date":"2026-08-14T03:00:20","date_gmt":"2026-08-14T01:00:20","guid":{"rendered":"https:\/\/housesmarketplace.com\/better-founder-vishal-garg-lines-up-voting-majority-to-retake-control\/"},"modified":"2026-08-14T03:00:20","modified_gmt":"2026-08-14T01:00:20","slug":"better-founder-vishal-garg-lines-up-voting-majority-to-retake-control","status":"publish","type":"post","link":"https:\/\/housesmarketplace.com\/ru\/better-founder-vishal-garg-lines-up-voting-majority-to-retake-control\/","title":{"rendered":"Better founder Vishal Garg lines up voting majority to retake control"},"content":{"rendered":"
\n

Vishal Garg, the founder and former CEO of Better Home & Finance Holding Co<\/strong>., is seeking to regain control of the company after securing support from shareholders holding a majority of its voting power. <\/p>\n

\u0413\u0430\u0440\u0433<\/a> has retained attorney Alex Spiro in connection with the shareholder action, according to an announcement Thursday evening.<\/p>\n

In a letter delivered to Better\u2019s board, Garg said he has signed declarations from shareholders representing a majority of the company\u2019s voting power in support of the positions outlined in an Aug. 10 letter to Better. The declarations could be used to call a special meeting of shareholders if the board does not make the requested changes.<\/p>\n

The letter and announcement come just 10 days after it was announced that Daniel Lewis<\/a>, \u0430 board member<\/a>, would be succeeding Garg as Better\u2019s interim CEO. Garg told \u0416\u0438\u043b\u044c\u0435\u041f\u0440\u043e\u0432\u043e\u043b\u043e\u043a\u0430<\/strong> then that he remained \u201cBetter\u2019s founder, a board director, its single largest voting shareholder.\u201d<\/p>\n

During the same week, Better\u2019s Q2 2026 earnings<\/a> were released. The company posted an adjusted EBITDA loss of $14 million in the second quarter and expects that loss to rise to between $15 million and $18 million in Q3 2026.<\/p>\n

In previous earnings reports, Better said it expected to reach profitability by the end of Q3 2026, following 11 consecutive quarters of losses. The company went public in 2023 through a merger with special purpose acquisition company Aurora Acquisition Corp.<\/strong>, and its stock has since fallen more than 90%.<\/p>\n

To remedy the losses, Garg said in his proposal that he would work for $1 until Better becomes profitable<\/a> and repurchase $30 million of the company\u2019s stock, including $10 million within the first five trading days.<\/p>\n

Garg\u2019s proposal also demanded that all directors other than himself, Michael Farello and Hugh Frater resign. He proposed working with a newly constituted board to focus on profitability, shareholder value and long-term leadership.<\/p>\n

He also proposed launching a retained search for Better\u2019s long-term CEO with a new board and special committee. After a successor is appointed, Garg said he would transition to either chairman or chief product and innovation officer.<\/p>\n

The plan also calls for Better to continue its cost-reduction efforts and scale its Tinman<\/a> AI platform, as well as complete the sale of its U.K. banking business<\/a>. The sale is expected to generate about $74 million in gross proceeds, subject to regulatory approval.<\/p>\n

Garg pointed to improvements in Better\u2019s underlying business as evidence that the company\u2019s turnaround is gaining traction. Since the first quarter of 2024, revenue and funded loan volume have each increased more than 2.5 times.<\/p>\n

Quarterly revenue rose from about $20 million in the first quarter of 2024 to $54.7 million in the second quarter of 2026. Funded loan volume increased from about $600 million to $1.67 billion over the same period.<\/p>\n

Better has also reduced its cost to produce a loan from about $12,000 to less than $3,000, which Garg attributed to the expansion of Tinman AI. He said Better could be generating between $5 million and $10 million in positive adjusted EBITDA per month absent the macroeconomic effects associated with disruptions<\/a> in the Strait of Hormuz.<\/p>\n

\u201cBetter is at an inflection point,\u201d Garg said. \u201cWe spent years rebuilding this company around technology, dramatically lowering the cost to originate a mortgage and putting Better in a position to scale.\u201d<\/p>\n

The shareholder action comes after significant volatility in Better\u2019s shares following recent leadership changes at the company. Garg said Better\u2019s current valuation does not reflect the operational improvements underway and that changes are needed to restore shareholder confidence and protect long-term value.<\/p>\n

Garg\u2019s counsel has told Better\u2019s board that the shareholder declarations can be provided to the company\u2019s outside counsel on an attorneys\u2019-eyes-only basis to verify that Garg has sufficient voting support to pursue the proposed actions.<\/p>\n

Ryan Grant<\/a>, \u043f\u0440\u0435\u0437\u0438\u0434\u0435\u043d\u0442 NEO Home Loans<\/strong> powered by Better, said that the proposal is essentially \u201cnoise\u201d and a \u201cbattle to control the board.\u201d<\/p>\n

\u201cWe just can\u2019t really concern ourselves with it right now,\u201d he told \u0416\u0438\u043b\u044c\u0435\u041f\u0440\u043e\u0432\u043e\u043b\u043e\u043a\u0430<\/strong>. \u201cLike we know exactly what we need to do to run a profitable organization. \u2026 We have to continue on the path that we\u2019re on.\u201d<\/p>\n

Grant said that the \u201cpower struggle\u201d is \u201cdrama\u201d at this point. \u201cIt\u2019s almost indifferent at this point as to who the CEO is, as long as the CEO doesn\u2019t change our existing prioritization. Both of them have their strengths. Both of them have their weaknesses, just like the rest of us.\u201d<\/p>\n

This article was written by Sarah Wolak with the assistance of HousingWire Automation, then reviewed by a HousingWire editor before publication.<\/em><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Vishal Garg, the founder and former CEO of Better Home & Finance Holding Co., is seeking to regain control of the company after securing support from shareholders holding a majority of its voting power. Garg has retained attorney Alex Spiro in connection with the shareholder action, according to an announcement Thursday evening. In a letter […]<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-63792","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nBetter founder Vishal Garg lines up voting majority to retake control - Houses Marketplace<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/housesmarketplace.com\/ru\/better-founder-vishal-garg-lines-up-voting-majority-to-retake-control\/\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Better founder Vishal Garg lines up voting majority to retake control\" \/>\n<meta property=\"og:description\" content=\"Vishal Garg, the founder and former CEO of Better Home & Finance Holding Co., is seeking to regain control of the company after securing support from shareholders holding a majority of its voting power. 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