The chief executive of US-based digital mortgage lender Better.com laid off about 15 per cent of the company's workforce on a Zoom call.
“If you are on this call, you are part of the unlucky group that is being laid off,” Vishal Garg, chief executive of Better.com said on the December 1 call, a video of which was uploaded on YouTube by an employee.
“Your employment here is terminated effective immediately.”
Mr Garg cited market conditions and a downturn in the company's performance as the reasons behind the dismissals.
In May, the SoftBank-backed mortgage lender said it was going public through a special purpose acquisition company and last week received $750 million in cash as part of the deal, according to TechCrunch.
The company will make its market debut by merging with Aurora Acquisition.
Better.com will have $1 billion on its balance sheet by the end of last week, TechCrunch reported, citing an email from chief financial officer Kevin Ryan.
“This is the second time in my career I am doing this and I do not want to do this. The last time I did it, I cried. This time I hope to be stronger,” Mr Garg said on the call.
He cited how a changed market forced the company to take this decision “in order to survive so that, hopefully, we can continue to thrive and deliver on our mission”.
“Ultimately, it was my decision and I wanted you to hear it from me. It has been a really, really challenging decision to make,” he said on the Zoom call.
This is the second time in my career I am doing this and I do not want to do this. The last time I did it, I cried
Vishal Garg,
chief executive of Better.com
“I wish the news was different. I wish we were thriving as we were at the beginning of the year. That is not the case.”
He then said employees could expect an email from human resources detailing benefits and severance.
All US employees given the pink slip would be offered four weeks of severance pay, one month of full benefits and two months of cover, Mr Garg said.
“Having to conduct layoffs is gut wrenching, especially this time of year,” Mr Ryan, the chief financial officer, said in a statement to CNN Business.
“However a fortress balance sheet and a reduced and focused workforce together set us up to play offence going into a radically evolving home ownership market.”
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The Florida Project
Director: Sean Baker
Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Company profile
Name: Tharb
Started: December 2016
Founder: Eisa Alsubousi
Based: Abu Dhabi
Sector: Luxury leather goods
Initial investment: Dh150,000 from personal savings
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Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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Director: Jesse Armstrong
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Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
