Vishal Garg Seeks Control of Better Home & Finance

Vishal Garg, the founder and former CEO of Better Home & Finance Holding Co., is actively working to reassert control over the company by consolidating shareholder support. Garg announced on Thursday evening that he has secured backing from shareholders who collectively hold a majority of the company's voting power. This move is supported by legal counsel, as Garg has retained attorney Alex Spiro to assist with the shareholder action. In a formal communication to Better's board of directors, Garg stated that he has obtained signed declarations from shareholders representing a majority of the voting power, endorsing the proposals he outlined in a previous letter dated August 10.

These shareholder declarations possess the potential to trigger a special meeting of shareholders if the current board fails to implement the requested changes. This development occurs shortly after the announcement on August 10 that Daniel Lewis, a member of the board, would be taking over as Better's interim CEO, succeeding Garg. At that time, Garg emphasized his continued integral role within the company, stating he remained "Better’s founder, a board director, its single largest voting shareholder." Concurrently, Better released its second-quarter 2026 financial results, revealing an adjusted EBITDA loss of $14 million for the quarter. The company's outlook for the third quarter of 2026 projects an increase in this loss, estimating it to range between $15 million and $18 million.

Previously, Better had indicated in its earnings reports an expectation of achieving profitability by the conclusion of the third quarter of 2026. This projection followed a period of eleven consecutive quarters marked by financial losses. Better, which became a publicly traded entity in 2023 through a merger with the special purpose acquisition company Aurora Acquisition Corp., has experienced a significant decline in its stock value, plummeting by over 90% since its public debut. To address the ongoing financial challenges and losses, Garg has put forth a comprehensive proposal aimed at revitalizing the company.

As part of his proposed remedy, Garg has committed to working for a nominal salary of $1 per year until Better achieves profitability. Furthermore, he intends to repurchase $30 million worth of the company's stock, with an initial $10 million investment to be made within the first five trading days of the repurchase program. Garg's proposal also includes a demand for the resignation of all current directors, with the exception of himself, Michael Farello, and Hugh Frater. He envisions collaborating with a newly constituted board to prioritize key objectives such as restoring profitability, enhancing shareholder value, and establishing stable, long-term leadership. Additionally, Garg has proposed initiating a formal search process for a permanent CEO to lead Better into the future.