Henrik Fisker Dissolves Foundation After EV Startup Bankruptcy

Henrik Fisker and his wife Geeta quietly dissolved their charitable organization, the Geeta & Henrik Fisker Foundation, following the bankruptcy of their electric vehicle startup, Fisker Inc. Established in late 2021 to promote innovation in healthcare, education, sustainability, and mobility, the foundation was initially funded largely through shares of Fisker Inc. stock valued at around $4 million. However, due to Fisker Inc.'s financial struggles and eventual Chapter 11 bankruptcy in 2024, the foundation's resources dwindled, resulting in only approximately $100,000 in grants over three years. The foundation's closure underscores the vulnerability of philanthropic efforts tied to the volatile EV startup sector, which saw many companies go public via SPAC mergers amid optimistic expectations that often met harsh market realities. In contrast, other EV companies like Rivian have maintained their philanthropic arms despite stock value declines, highlighting differing outcomes within the industry. This development serves as a cautionary tale about the challenges faced by EV startups and their affiliated charitable initiatives during the 2020s boom and bust cycle.