Key Points

  • 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.
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[–] 20 points 19 hours ago (1 child)

How does a guy who “took loans” from his own company immediately before that company declares bankruptcy (defrauding its customers) somehow start another company that same year and acquire an existing company with active DoD contracts which presumably require security clearances?

He was sure to pay off the republicans in charge.

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