Shares of the Softbank-backed company plunged 93 per cent as it began trading as BETR on the Nasdaq Thursday, falling more than $16 per share to $1.19 by mid-day. It went public via a merger with special purpose acquisition company (SPAC) Aurora Acquisition Corp. Before its merger with BETR, Aurora had a 52-week high of $62.91.

Better.com hit the headlines when CEO Vishal Garg fired 900 workers by Zoom. A few months later, it cut another 3,000 workers. One month after that, it slashed another 1,000 jobs. Eventually, the company cut 91 per cent of its workforce over 18 months.

In a leaked video of a town hall meeting following the first round of layoffs, CEO Vishal Garg was shown, blaming everything from marketplace forces to the recently fired employees' performance. He did not seem to think it was anything to do with him.

To be fair to Garg, he has said since he did all that he had a lot of leadership training to be a better boss.

Now it seems that the market is against him.  Homebuying is down for the near- to mid-term future. Mortgage rates are at their highest point since 2000 -- hitting 7.31 per cent last week -- and showing no signs of a turnaround. Most American homeowners have mortgages at or well below five per cent, they're reticent to put their homes on the market, which creates a supply shortage, even for those who are willing to accept the high rates.