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As Better.com readies for its public debut, CEO Vishal Garg says he went through ‘a lot of leadership training’ on August 23, 2023 at 11:00 am

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Online mortgage lender Better.com is making its public debut Thursday on the Nasdaq Capital Market under the ticker symbols “BETR” and “BETRW.”

After merging with SPAC Aurora Acquisition Corp., the combined entity is called Better Home & Finance Holding Company. The deal unlocks about $565 million of fresh capital for Better.com, including a $528 million convertible note from affiliates of SoftBank and additional common equity from funds affiliated with NaMa Capital (formerly Novator Capital) — an investment firm that sponsors Aurora.

The company could use the funds. Better.com posted a net loss of $89.9 million in the first quarter and slashed about 91% of its workforce over an approximately 18-month period. While the startup has narrowed its loss compared to a net loss of $327.7 million in the first quarter of 2022, it clearly still has been struggling amid high mortgage interest rates and a national housing market slowdown. The company also suffered significant damage to its reputation since December 2021, making the move from a private entity to a public one in this case is a particularly bold one. Better has made headlines for multiple botched layoffs, poor treatment of current and former employees, admitted financial missteps, high-profile executive departures and other allegations

In a written statement, Arnaud Massenet, former CEO of Aurora and now a director of Better Home & Finance said: “I am proud of the role Aurora has played in bringing Better to the public market. When we launched Aurora in March 2021, we did so to find a high-quality, tech-focused, business disrupting the status quo in its sector. Through our business combination with Better, we have now successfully fulfilled that aim and, over the past two years, Aurora has worked to deliver over $1.3 billion to Better’s balance sheet. We believe this transaction will deliver long-term value for our shareholders and we look forward to being part of the next stage of this journey.”

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Better touts that its Tinman platform, which the company describes as a unique “supervised learning model” in the mortgage business, allows it to service its customers “faster and cheaper due to less personnel overhead costs.” Specifically, Better claims that it offers home loans that are 45 bps (basis points) cheaper than other lenders on average, “saving customers 10s of thousands of dollars on a 30-year mortgage” and that it is the first fintech lender to do $100 billion in loans.

I recently sat down with Better.com CEO and co-founder Vishal Garg and Nick Calamari, former general counsel and chief administrative officer, to discuss the company’s foray into the public market and plans for the future. 

This interview has been edited for brevity and clarity.

You’ve had plans to go public for two years. Did you ever reconsider going forward with a SPAC and not going public at all?

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VG: I think honestly, there were a lot of times where we thought maybe we should try to do something private instead and/or stay private. But ultimately, we thought that with going public, the important thing is that we would get an additional $550 million of capital from SoftBank. And that capital would allow us to grow the business, to get rates cheaper to our customers, to prove our technology that makes our loan processing times even faster. And ultimately, we decided that being public and having access to that capital was a much better outcome than being a private company…I would be lying if I told you I didn’t have any jitters..

How is the company’s cash flow?

The company is still losing money. Interest rates went up a lot more than we expected. The mortgage market has shrunk a lot faster than we expected. And housing supply has been a lot more limited than we expected. So we went from creating this awesome company that was able to refinance mortgages and do 100 billion of them within a space of six or seven years to having to pivot really hard to doing purchase mortgages, and to try to get good at it within the space of 18 months. Ninety percent of our mortgages are now purchase mortgages.We really hard pivoted to do a different product, and we’ve had to focus on things that matter to the purchase mortgage customer like speed and certainty and ease of use, not just the thing that we were known for, which was lower rates. But we’ve taken $1 billion out of recurring costs. (Note: The company also says it has has decreased quarterly losses by 73% YoY).

What percentage of business was refinancing vs new purchase previously?

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Previously, 90% of our business was refinances and 10% purchases. That has now flipped.

What are your revenue sources?

The places where we’re generating revenue today is our mortgage revenue – which is revenue from selling our mortgages to the institutional investor community, and through title insurance, homeowners insurance, realtor match, and then also through our UK platform. During the pandemic, we bought a mortgage lender and a bank in the United Kingdom. So we have an international revenue source as well.

What is your plan for the capital from SoftBank?

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The goal is to effectively reinvigorate ourselves. Our goal is to be prudent and weather the storm still out there. Goldman Sachs economists forecast that rates will be coming back down in June of 2024. We’ll keep investing in technology that makes the process faster for our customers. Ultimately it’s still a pretty broken process, it takes 51 days for a consumer to get a mortgage. We’ve launched something called One-Day mortgage that would take the consumer from click to a commitment in one day. But then there’s still friction associated with getting titled, getting an appraisal, getting closed. We have a long way to go before we can make the process of being able to finance or refinance a home in one day. And that’s what we’re gunning for.

How many employees does Better.com currently have?

Just under 1,000.

How have you worked to rebuild trust within, and outside, the company?

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A lot of leadership training. I think I was very mission-centric, customer centric, and really really focused on what it took to drive growth, And I think I’ve learned now that in order for our customers to be delighted, our teammates also have to feel delight. So I’ve worked really, really hard to change the way that I show up to the team every day, and to be more empathetic and to treat them with the same level of kindness that I showed our customers.

And then the second thing is we’ve continued to innovate on our mission, which is to make homeownership more affordable and more accessible, and ultimately the 1,000 people that are at Better.com today are driven not just by me but really by our mission which is to make homeownership more affordable and more accessible. 

Do you anticipate having to conduct any more layoffs?

I can’t honestly tell you whether or not we have any layoffs in the future. I think a lot of that depends on the mortgage market. But we think that we’re appropriately staffed and actually we’re adding headcount in a variety of areas to drive growth.

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How do you feel about the SEC’s determination from 10 days ago?

I was very positively relieved because we had always felt we did nothing wrong. It’s really great to see that outcome. I feel blessed to have this second chance to build this amazing company.

Are there still issues with laid-off employees not receiving unemployment?

NC: We did do some significant restructuring over the past 18 months and none of that always goes smoothly or perfectly. But I do think that we’ve done our best to try and treat all of our current and former employees with not just respect, but with care. And so yes, were there times where we needed to address certain problems like unemployment? Yes, but those were addressed and resolved and we’re going to continue to do that for everyone going forward, just like we have in the past. 

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​ Online mortgage lender Better.com is making its public debut Thursday on the Nasdaq Capital Market under the ticker symbols “BETR” and “BETRW.” After merging with SPAC Aurora Acquisition Corp., the combined entity is called Better Home & Finance Holding Company. The deal unlocks about $565 million of fresh capital for Better.com, including a $528 million 

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Politics

Will Kim Ju Ae Become North Korea’s First Female Leader?

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A New Face of Power in Pyongyang

In a country defined by secrecy and dynastic rule, the recent emergence of Kim Ju Ae—the daughter of North Korean leader Kim Jong Un—on the national and international stage has sparked intense speculation about the future of the world’s most isolated regime. For the first time since North Korea’s founding in 1948, the possibility of a female leader is being openly discussed, as state media and public ceremonies increasingly feature the teenage girl at her father’s side.

Official White House Photo by Shealah Craighead

Kim Ju Ae’s Rise to Prominence

Kim Ju Ae, believed to be around 12 or 13 years old, first came to the world’s attention in 2013 when former NBA star Dennis Rodman revealed he had held Kim Jong Un’s daughter during a visit to Pyongyang. However, she remained out of the public eye until November 2022, when she appeared beside her father at the launch of an intercontinental ballistic missile—a powerful symbol in North Korean propaganda.

Since then, Ju Ae has become a regular fixture at high-profile events, from military parades and weapons launches to the grand opening of a water park and the unveiling of new naval ships. Her repeated appearances are unprecedented for a member of the Kim family so young, especially a girl, and have led South Korean intelligence officials to suggest she is being groomed as her father’s successor.

The Power of Propaganda

North Korea’s state media has shifted its language regarding Ju Ae, referring to her as “beloved” and, more recently, “respected”—a term previously reserved for the nation’s highest dignitaries. Analysts believe this is part of a carefully orchestrated campaign to build her public profile and legitimize her as a future leader, signaling continuity and stability for the regime.

Presenting Ju Ae as the face of the next generation serves several purposes:

  • Demonstrating dynastic continuity: By showcasing his daughter, Kim Jong Un assures elites and the public that the Kim family’s grip on power will persist.
  • Minimizing internal threats: A young female successor is less likely to attract rival factions or pose an immediate threat to the current leadership.
  • Projecting a modern image: Her presence at both military and civilian events signals adaptability and a potential shift in North Korea’s traditionally patriarchal leadership structure.

Breaking with Tradition?

If Ju Ae is indeed being positioned as the next leader, it would mark a historic break from North Korea’s deeply patriarchal system. The country has never had a female ruler, and its military and political elite remain overwhelmingly male. However, her growing public profile and the respect shown to her by senior officials suggest that the regime is preparing the nation for the possibility of her ascension.

The only other woman with significant visibility and influence in the regime is Kim Yo Jong, Kim Jong Un’s younger sister, who has become a powerful figure in her own right, especially in matters of propaganda and foreign policy.

A Nation Divided, a Dynasty Endures

While the Kim family’s hold on North Korea appears unshakable, the country remains divided from South Korea by a heavily militarized border. Many families have been separated for generations, with little hope for reunification in the near future. As the Kim dynasty prepares its next generation for leadership, the longing for family reunions and peace persists on both sides of the border.

The Road Ahead

Kim Ju Ae’s future remains shrouded in mystery, much like the country she may one day lead. Her carefully managed public appearances, the reverence shown by state media, and her father’s apparent efforts to secure her place in the succession line all point to a regime intent on preserving its legacy while adapting to new realities. Whether North Korea is truly ready for its first female leader is uncertain, but the groundwork is clearly being laid for a new chapter in the Kim dynasty.

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Business

Pros and Cons of the Big Beautiful Bill

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The “Big Beautiful Bill” (officially the One Big Beautiful Bill Act) is a sweeping tax and spending package passed in July 2025. It makes permanent many Trump-era tax cuts, introduces new tax breaks for working Americans, and enacts deep cuts to federal safety-net programs. The bill also increases spending on border security and defense, while rolling back clean energy incentives and tightening requirements for social programs.

Pros

1. Tax Relief for Middle and Working-Class Families

2. Support for Small Businesses and Economic Growth

  • Makes the small business deduction permanent, supporting Main Street businesses.
  • Expands expensing for investment in short-lived assets and domestic R&D, which is considered pro-growth.

3. Increased Spending on Security and Infrastructure

4. Simplification and Fairness in the Tax Code

  • Expands the Earned Income Tax Credit (EITC) and raises marginal rates on individuals earning over $400,000.
  • Closes various deductions and loopholes, especially those benefiting private equity and multinational corporations.

Cons

1. Deep Cuts to Social Safety Net Programs

  • Cuts Medicaid by approximately $930 billion and imposes new work requirements, which could leave millions without health insurance.
  • Tightens eligibility and work requirements for SNAP (food assistance), potentially removing benefits from many low-income families.
  • Rolls back student loan forgiveness and repeals Biden-era subsidies.

2. Increases the Federal Deficit

  • The bill is projected to add $3.3–4 trillion to the federal deficit over 10 years.
  • Critics argue that the combination of tax cuts and increased spending is fiscally irresponsible.

3. Benefits Skewed Toward the Wealthy

  • The largest income gains go to affluent Americans, with top earners seeing significant after-tax increases.
  • Critics describe the bill as the largest upward transfer of wealth in recent U.S. history.

4. Rollback of Clean Energy and Climate Incentives

5. Potential Harm to Healthcare and Rural Hospitals

6. Public and Political Backlash

  • The bill is unpopular in public polls and is seen as a political risk for its supporters.
  • Critics warn it will widen the gap between rich and poor and reverse progress on alternative energy and healthcare.

Summary Table

ProsCons
Permanent middle-class tax cutsDeep Medicaid and SNAP cuts
No tax on tips/overtime for most workersMillions may lose health insurance
Doubled Child Tax CreditAdds $3.3–4T to deficit
Small business supportBenefits skewed to wealthy
Increased border/defense spendingClean energy incentives eliminated
Simplifies some tax provisionsThreatens rural hospitals
Public backlash, political risk

In summary:
The Big Beautiful Bill delivers significant tax relief and new benefits for many working and middle-class Americans, but it does so at the cost of deep cuts to social programs, a higher federal deficit, and reduced support for clean energy and healthcare. The bill is highly polarizing, with supporters touting its pro-growth and pro-family provisions, while critics warn of increased inequality and harm to vulnerable populations.

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Business

Trump Threatens to ‘Take a Look’ at Deporting Elon Musk Amid Explosive Feud

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The escalating conflict between President Donald Trump and Elon Musk reached a new peak this week, as Trump publicly suggested he would consider deporting the billionaire entrepreneur in response to Musk’s fierce criticism of the president’s signature tax and spending bill.

FILE PHOTO: Tesla CEO Elon Musk arrives on the red carpet for the automobile awards “Das Goldene Lenkrad” (The golden steering wheel) given by a German newspaper in Berlin, Germany, November 12, 2019. REUTERS/Hannibal Hanschke/File Photo

“I don’t know, we’ll have to take a look,” Trump told reporters on Tuesday when asked directly if he would deport Musk, who was born in South Africa but has been a U.S. citizen since 2002.

This threat followed a late-night post on Trump’s Truth Social platform, where he accused Musk of being the largest recipient of government subsidies in U.S. history. Trump claimed that without these supports, Musk “would likely have to shut down operations and return to South Africa,” and that ending such subsidies would mean “no more rocket launches, satellites, or electric vehicle production, and our nation would save a FORTUNE”.

Trump also invoked the Department of Government Efficiency (DOGE)—a federal agency Musk previously led—as a potential tool to scrutinize Musk’s companies. “We might have to put DOGE on Elon. You know what DOGE is? The DOGE is the monster that might have to go back and eat Elon,” Trump remarked, further intensifying the feud.

Background to the Feud

The rupture comes after Musk’s repeated attacks on Trump’s so-called “Big, Beautiful Bill,” a comprehensive spending and tax reform proposal that Musk has labeled a “disgusting abomination” and a threat to the nation’s fiscal health. Musk, once a Trump ally who contributed heavily to his election campaign and served as a government advisor, has called for the formation of a new political party, claiming the bill exposes the need for an alternative to the current two-party system.

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In response, Trump’s allies have amplified questions about Musk’s citizenship and immigration history, with some suggesting an investigation into his naturalization process. However, legal experts note that deporting a naturalized U.S. citizen like Musk would be extremely difficult. The only path would involve denaturalization—a rare and complex legal process requiring proof of intentional fraud during the citizenship application, a standard typically reserved for the most egregious cases.

Political Fallout

Musk’s criticism has rattled some Republican lawmakers, who fear the feud could undermine their party’s unity ahead of the 2026 midterm elections. Meanwhile, Musk has doubled down on his opposition, warning he will support primary challengers against Republicans who back Trump’s bill.

Key Points:

As the dispute continues, it has become a flashpoint in the broader debate over government spending, corporate subsidies, and political loyalty at the highest levels of American power.

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