Foundation Future Industry Fails to Pay Employee Salaries Due to Funding Shortage
- 1Foundation Future Industry failed to pay employees last month as cash reserves declined.
- 2Sanket Patak, CEO and co-founder, borrowed $4.6 million from the company to pay for a luxury home loan taken out last year.
- 3Patak is pursuing funding worth hundreds of millions of dollars based on the foundation's $3 billion valuation.
So what's the key point?
Foundation Future Industry was unable to pay employee salaries due to a lack of funds. The shortage occurred because company money was used to pay off a personal loan.
Source CNBC · View original ↗
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