Key Highlights

  • Vishal Garg and The Garg Group announced on September 30, 2026 that they secured written consents representing over 51% of the voting shares of Better Home & Finance Holding Company (NASDAQ:BETR), a claim the company's special committee disputes.
  • The shares rose 20.3% to USD 12.31 but remain down 64.6% year to date, with a market value of roughly USD 229 million and short interest of 18% of shares outstanding as of September 15.
  • Garg plans a 90-day turnaround, removal of the current board, an interim CEO with mortgage experience and a USD 30 million buyback starting with USD 10 million, while he would become Head of Product, Platform and Innovation.
  • The board removed Garg as CEO in early August, adopted a shareholder rights plan, sought court relief against Garg and opened an investigation into allegations he offered company interests to shareholders in return for consents.

The Claim and the Plan

Better Home & Finance Holding Company (NASDAQ:BETR) is a digital-first mortgage lender whose founder says he now controls the votes needed to replace most of the board. Garg is seeking to remove five of the eight directors and says his group delivered consents above 51%. His plan includes a new interim CEO with industry experience, AI-driven efficiency using the company's Tinman platform and the buyback. The shares jumped 20.3% to USD 12.31 on the news. This was the second time his camp has claimed the majority threshold, after missing three self-imposed deadlines in August and on September 8.

The Board's Response

The special committee has urged shareholders to ignore Garg's green consent cards and use a white revocation card. It said on September 22 that he was not anywhere near the 46% he claimed, much of it from his own shares and allies. Two proxy advisers, ISS and Glass Lewis, recommended against his consent request. The committee adopted a shareholder rights plan, sought court relief and opened an investigation on September 24 into allegations that Garg offered company interests to former employees who hold shares. Garg disputes the allegations. The company continues to dispute his claimed level of support and to encourage shareholders to revoke consents, and any consents must be delivered and validated.

Risks and What to Watch

Governance uncertainty is the main risk: litigation, validation of consents and board turnover could drag on while the business loses money. Better reported trailing revenue of USD 216.06 million, up 41.2%, with a net margin of negative 74.5%, and mortgage demand is sensitive to rates, with 30-year mortgage rates at 7.03%. The committee says independent director Hugh Frater has indicated he would not continue serving if Garg returned. Investors should watch court rulings, board action on the consents and any new CEO announcement. Better Home & Finance Holding Company (NASDAQ:BETR) shares could stay volatile until control is settled.

Where Things Stand

The founder claiming control is Vishal Garg, who says consents above 51% back his return, but the board disputes the number and has taken legal and procedural steps to resist. Better Home & Finance Holding Company (NASDAQ:BETR) therefore faces a contested change of control with a money-losing business, a rights plan and an internal investigation. The balance of evidence is unresolved, and either side could still prevail. The next catalysts are validation of the consents, court rulings and any leadership announcement.