Former Better.com CEO Vishal Garg Retains Alex Spiro, Secures Majority Shareholder Support to Take Back Company He Founded

• Garg proposes $1 salary until profitability
• Investing $5M personally as part of 10b5-1 plan
• $30M stock buyback and independent search for long-term CEO as part of plan to restore shareholder value
  

NEW YORK, Aug. 13, 2026 (GLOBE NEWSWIRE) -- Vishal Garg, founder and former Chief Executive Officer of Better Home & Finance Holding Company, today announced that he has secured support from shareholders representing a majority of the Company’s voting power for a plan to reconstitute Better’s Board of Directors and return the Company to the turnaround strategy he led.

Garg has retained Alex Spiro, in connection with the shareholder action.

According to a letter delivered to Better’s Board, Garg now holds signed declarations from shareholders representing a majority vote of Company shareholders supporting the position and proposed actions outlined in an Aug. 10 letter to Better, including calling a special meeting of stockholders if necessary.

Garg has demanded that all directors other than Garg, Michael Farello and Hugh Frater resign and has proposed working with a newly constituted Board to immediately implement a plan focused on profitability, shareholder value and long-term leadership.

Under Garg’s proposal, he would:

• Work for $1 until Better becomes profitable, aligning his compensation directly with the Company’s turnaround.
• Garg proposes $1 salary until profitability.
• Investing $5M personally as part of 10b5-1 plan.
• $30M stock buyback and independent search for long-term CEO as part of plan to restore shareholder value.
• Launch a retained search for Better’s long-term CEO alongside a new Board and special committee. Following the appointment of a successor, Garg would transition to Chairman or Chief Product and Innovation Officer.
• Continue executing Better’s cost transformation, including the cost-reduction program initiated under Garg and the continued scaling of Tinman AI.
• Complete the sale of Better’s UK banking business, which is expected to generate approximately $74 million in gross proceeds, subject to regulatory approval.
  
  

The proposal comes as Better’s underlying business has shown significant improvement. Since the first quarter of 2024, revenue and funded loan volume have increased by more than 2.5x. Quarterly revenue increased from approximately $20 million in Q1 2024 to $54.7 million in Q2 2026, while funded loan volume increased from approximately $600 million to $1.67 billion over the same period.

Better has also reduced the cost to produce a loan from approximately $12,000 to less than $3,000 through the scaling of its Tinman AI platform, fundamentally changing the Company’s cost structure. Garg believes the Company remains on a path toward adjusted EBITDA break-even as higher funded volume spreads fixed technology costs across a larger base.

Garg had previously implemented a $25 million cost-reduction plan that was subsequently expanded to $45 million in August. Technology relationships established during his tenure with Coinbase, Intuit Credit Karma and OpenAI are also expected to create additional distribution channels and operating efficiencies.

Garg believes that absent the macroeconomic effects associated with disruption in the Strait of Hormuz, Better would currently be generating approximately $5 million to $10 million in positive adjusted EBITDA per month.

“Better is at an inflection point,” said Garg. “We spent years rebuilding this company around technology, dramatically lowering the cost to originate a mortgage and putting Better in a position to scale. I am prepared to work for $1 until we are profitable, invest another $30 million alongside shareholders and finish the turnaround we started. Once that work is complete, the Board should select the best long-term CEO for Better and I will move into a role where I can continue driving product and innovation.”

Garg’s counsel has informed the Board that the shareholder declarations can be provided to the Company’s outside counsel on an attorneys’-eyes-only basis to confirm that Garg has sufficient voting support to pursue the proposed actions.

The request follows significant volatility in Better’s shares following the recent leadership changes at the Company. Garg believes the Company’s current valuation fails to reflect the operational improvements already underway and that immediate action is necessary to restore shareholder confidence and protect long-term value.

If the requested Board changes are not made voluntarily, Garg and supporting shareholders are prepared to pursue the actions available to them as shareholders, including calling a special meeting.

About Vishal Garg

Vishal Garg is the Founder, Board Member & former CEO of Better.com, the leading AI mortgage platform. Under Vishal’s leadership, Better.com has provided over $100 BN in home financing and provided over $35BN in cumulative coverage through Better Cover and Better Settlement Services, the insurance divisions of Better.com. Better.com has raised over $1.75 Bln in equity capital and is backed by SoftBank, L Catterton, Kleiner Perkins, Goldman Sachs, Ally Bank, American Express, Citi, IA Ventures and other investors.

Prior to founding Better.com, Vishal was the Founder of 1/0 Capital, an early stage investment firm focused on investments in fintech, data science and consumer products companies. Notable seed stage investments include Paribus, Ramp, Trumid, Creditas, Climb Credit, Notable, among many others.

Vishal previously co-founded MyRichUncle.com , the first online student lender, which he started in 1999 with $30,000 at the age of 21 and built into the fourth largest publicly traded private student loan company in the US. Prior to MyRichUncle, Vishal was an investment banking analyst at Morgan Stanley & Co.

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