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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[–] 4 points 3 hours ago

The article says the accounts are FDIC insured.

FDIC insurance covers 250 thousand dollars in the account.

265 million divided by 100,000 is only $2650 per account on average.

Why don’t those people have their money back after over 2 years? Whats the fucking point of agreeing to FDIC insurance if the government can’t even cover 3 grand on average per account?

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