NEW YORK CITY — The conflict between Garg and Lewis has played out publicly and privately. Lewis posted a seven-part thread on X questioning Garg’s credibility and called Garg a "bully" in a thread on X. "The love died when the diligence began," Lewis wrote. Garg criticized Lewis in a group chat on X for working remotely in the South of France instead of the New York City office.

The two exchanged at least 2,000 text messages between July 2025 and August 2026. In April 2026, Garg texted Lewis about becoming BFFs. Lewis also sent personal messages, texting Garg: You are the last person I am texting tonight—you are on my mind."" and "You are in my heart, whether you believe it or not." Garg replied: "Birds of a feather."

Lewis is the interim CEO of Better.com and a managing partner at Orange Capital. He founded the investment firm Orange Capital 20 years ago and invested in Better.com in 2025. Lewis holds a stake between 2% and 3% in Better.com. The 51-year-old graduated from Cornell University at age 20, worked for Citibank in Tokyo, worked on the Salomon Brothers trading floor in the 1990s, and spent five years running a Toronto software company.

Garg, 48, grew up in Queens and took his first job at age 14 on a Wall Street trading desk, earning $6.50 an hour. He started an online student loan company, MyRichUncle.com, in 1998, and founded Better.com in 2014. Garg remains on the Better.com board.

Better.com has a market valuation of $230 million. Activant Capital, Framework Ventures, and SoftBank Capital Partners are shareholders in Better.com. Better.com shares have decreased 55% since Garg's ouster.

The Board cites accumulated net losses of more than $2 billion and a loss of more than 90% of public enterprise value under Garg's tenure as justification for his removal. Better.com reported net losses of $301 million in 2021, $877.1 million in 2022, $536.4 million in 2023, $206.3 million in 2024, and $165.9 million in 2025. Revenue was $72.3 million in 2023, $108.5 million in 2024, and $164.9 million in 2025.

Better.com disclosed a weakness in internal controls in its 2023 and 2024 annual reports. An outside law firm’s review found that certain actions taken by the CEO failed to set a tone at the top that supported a strong culture of internal controls. Garg completed executive coaching to address behavioral aspects of his management style to the satisfaction of the board of directors, according to the 2024 annual report. Better.com remediated tone-at-the-top weaknesses as of December 31, 2025.

Garg laid off 900 employees via Zoom call in December 2021. ""I got some negative press for that,"" Garg said. "But it also saved the company because the company was burning $100 million a month, right? We had too many people." Garg stated that the SEC and Consumer Financial Protection Bureau investigated him and the company and found nothing.

Timeline

Vishal Garg started an online student loan company, MyRichUncle.com, in 1998. Vishal Garg founded Better.com in 2014. Vishal Garg laid off 900 employees via Zoom call in December 2021.

Better.com reported net losses of $536.4 million in 2023. Better.com reported revenue of $72.3 million in 2023. Better.com reported net losses of $206.3 million in 2024.

What's New

Better.com removed Vishal Garg as CEO in early August 2026. More than 45% of Better.com shareholders have voted in support of Vishal Garg's consent solicitation. Daniel Lewis is a managing partner at Orange Capital.

William "Bing" Gordon is a director at Amazon. Better.com shares have decreased 55% since Vishal Garg's ouster. David Heidecorn is a Senior Advisor and former Partner at L Catterton. Steve Sarracino is a Founder and Partner at Activant Capital. A vote above 50% of shares outstanding is required to remove directors via the consent solicitation.

How Sources Differ

Details regarding the consent solicitation vary, with one source noting that more than 45% of Better.com shareholders have voted in support, while the Better Home & Finance Holding Co. SEC filing specifies that Daniel Lewis is one of the five directors targeted for removal. The SEC filing also confirms that Vishal Garg initiated a consent solicitation to replace five directors on the Better.com board. Regarding Garg's tenure, the Better.com board statement notes the company accumulated more than $2 billion in net losses, while the SEC filing focuses on the initiation of the consent solicitation. The board also cites the loss of more than 90% of public enterprise value, contrasting with the SEC filing's focus on the board replacement effort.

Why It Matters

The contest for control of Better.com involves financial stakes and governance questions. The company has a market valuation of $230 million, and shareholders such as Activant Capital, Framework Ventures, and SoftBank Capital Partners hold interests. The outcome will determine whether Garg returns to leadership or if the current board, which cited over $2 billion in net losses during his tenure, retains authority. The poison pill provision adds a layer of complexity to the voting process, requiring careful navigation by shareholders supporting the consent solicitation.