Eric Trump-backed robot soldier startup can't pay staff after founder borrowed $4.6 million from company to buy home
www.cnbc.com
Eric Trump-backed robot startup Foundation Future Industries has run low on cash and missed payroll, as CEO Sankaet Pathak faces scrutiny over a $4.6 million company loan.

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.
  • Avicenna@programming.dev
    3·
    5 hours ago

    In today’s news: Man who wants to make machines of war and oppression turns out to be a major dick.

    And welcome to the US where this guy can still raise billions from investors:

    Synapse was a behind-the-scenes player until its collapse left more than 100,000 Americans with a combined $265 million in deposits locked out of their FDIC-backed accounts.

    While some customers received partial payments during Synapse’s bankruptcy proceedings, thousands remain without access to their money after more than two years. A bankruptcy trustee, the former FDIC chair Jelena McWilliams, said as much as $96 million in customer funds went missing.