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.
Wow. It’s not the profound level of corruption that’s so shocking, it’s the profound level of incompetence. How did such stupid people get so far in life in the first place?
They started on the other side of the finish line.
These days, this is known as “hereditary meritocracy”
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do you think intelligence correlates with positive outcomes in our society?