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Better founder Vishal Garg seeks control via board changes and $30M buyback
Garg says he has declarations from shareholders representing a majority of Better’s voting power and proposes $30 million in repurchases, including $10 million in the first five trading days.
Better Home and Finance Holding Co. founder Vishal Garg says he has secured majority voting support from shareholders and is preparing actions aimed at retaking control of the company, according to HousingWire. Garg said he could call a special meeting if the board does not implement the changes he is requesting, and he retained attorney Alex Spiro in connection with the shareholder effort.
In a letter delivered to Better’s board, Garg outlined a plan that includes board changes and a $30 million stock repurchase, with $10 million targeted within the first five trading days. Garg also proposed working for $1 until the company reaches profitability, as losses continue.
Garg’s proposal comes shortly after Better announced a leadership transition, with Daniel Lewis named as interim CEO succeeding Garg, HousingWire reported. Better also recently released Q2 2026 results, showing an adjusted EBITDA loss of $14 million, and it expects the loss to widen to between $15 million and $18 million in Q3 2026.
Garg’s broader plan calls for directors other than himself, Michael Farello, and Hugh Frater to resign, and it includes launching a retained search for Better’s long-term CEO after a newly constituted board and special committee are formed. HousingWire noted the company previously said it expected to reach profitability by the end of Q3 2026 after 11 consecutive quarters of losses, and that Better stock is down more than 90% since going public in 2023 through a merger with Aurora Acquisition Corp.