Foundation missed Oct. 30 payroll, people familiar say; CEO borrowed $4.6 million
Key points
- According to people familiar, the company missed its Oct. 30 payroll
- CEO reportedly borrowed $4.6 million last year to buy a home
- According to people familiar, payroll was about two days late in August
San Francisco humanoid-robot startup Foundation Future Industries missed its Oct. 30 payroll and has not yet paid employees, according to people familiar with its finances. CEO Sankaet Pathak borrowed $4.6 million from the company last year to buy a home, according to the report. A memo reportedly said he is working to secure funds for overdue wages. Payroll was also about two days late in August. A spokesperson for Pathak did not respond to a request for comment.
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