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(WJW) — Video being shared online shows the CEO of online mortgage company,, firing nearly 900 employees during a Zoom call.

CEO Vishal Garg made the announcement from a desk in the video, which has been shared online.

“I come to you with not great news,” he began. “The market has changed as you know. And we have to move with it in order to survive so that hopefully we can continue to thrive and deliver on our mission.”

He said he made the decision himself and that it was “really, really challenging.” He said it’s the second time in his career to make such a decision and the last time he did it, “I cried. This time I hope to be stronger.”

“If you’re on this call, you are part of the unlucky group being laid off. Your employment here is terminated effective immediately.” reports is valued at $7 billion.

In a statement to SFGATE, CFO Kevin Ryan said having to lay off workers is “gut-wrenching.”

“However, a fortress balance sheet and a reduced and focused workforce together set us up to play offense going into a radically evolving homeownership market,” he said in the statement.