Uhmm (www.cnbc.com)
submitted 2 hours ago by to c/news@lemmy.world
you are viewing a single comment's thread
view the rest of the comments
[–] 3 points 2 hours ago

The post title you're missing:

Eric Trump-backed robot soldier startup can’t pay staff after founder borrowed $4.6 million from company to buy home

Summary:

  • Robot startup Foundation has failed to pay employees since missing its Oct. 30 payroll, angering some workers after its CEO borrowed $4.6 million from the firm last year to buy a luxury home, according to people familiar with the matter.
  • CEO and co-founder Sankaet Pathak is Foundation’s sole board member, raising governance concerns among prospective investors.
  • Foundation’s widely reported $24 million in Pentagon contracts actually stems from its 2024 acquisition of Boardwalk Robotics, which held some existing government research contracts, the people said.
  • Pathak’s previous company, Synapse, collapsed in 2024, leaving thousands of customers without access to deposits. Pathak reportedly took loans from Synapse as it neared bankruptcy.
  • source