Bit harsh to say he has flushed the money down the toilet.Let's...

Bit harsh to say he has flushed the money down the toilet.
Let's get real here.
You can't just build satellites and launch them and expect that they work.
There is a lot of work (and money) that goes behind the scenes to build a company up from scratch.
Software development costs would be a significant part of the costs.
Perhaps have a read of the CTO and CEO letters announced a few months ago to get an appreciation for the work achieved to date, then you and others will not make silly comments.