Foundation Misses Payroll After CEO Borrowed $4.6 Million for Home

2 articles · Updated · CNBC · Nov 14

Oct. 30 missed payroll left Foundation Future Industries employees unpaid last month as cash reserves ran low, according to people with direct knowledge.
A $4.6 million loan to CEO Sankaet Pathak last year to buy a Sausalito home has fueled internal anger, especially because Pathak is the startup's sole board member and controls most shares.
Foundation already needed a bridge loan after running short on payroll cash in August, and Pathak told staff this week he was trying to source money for back wages as insiders warned the company could fold without new funding.
The San Francisco robot startup is still seeking hundreds of millions of dollars at a $3 billion valuation while promoting weapons-ready humanoid robots and ties to Eric Trump, who has said he has no role in management or contracts.
Pathak's stewardship faces added scrutiny because his previous startup, Synapse, collapsed in 2024, locking more than 100,000 customers out of $265 million in deposits.