CNBC: Eric Trump-backed robotics startup Foundation falls behind on payroll, CEO previously borrowed $4.6 million to buy a home
According to CNBC, citing sources directly familiar with the matter, Foundation Future Industries, a military humanoid robotics startup where Eric Trump serves as an investor and advisor, has seen its cash reserves dwindle and failed to make its October 30 payroll, with employees still unpaid as of the report. Sources stated that CEO and co-founder Sankaet Pathak borrowed $4.6 million from the company last year to purchase a home. This loan was disclosed to existing investors through financial disclosures, raising concerns among some insiders regarding corporate governance. The report did not classify the loan as illegal misappropriation; a spokesperson for Pathak did not respond to a request for comment after receiving a list of questions.
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