Mike Lindell, the CEO of MyPillow, made a heartbreaking statement about his beloved pillow company saying he had to borrow $10 million just to keep his company afloat. Lindell rags to riches story is one of legend so don’t bet against him.
Lindell told Insider that to keep MyPillow going he borrowed “about 4 million in May, 2 million in the summer, and 4 million in September.” He also had to liquidate some personal holdings.
He said: “I sold a building I had in Savage, in Minnesota, in October. And I had to borrow 2 million too. I’ve spent it all on fighting for this country.”
During a recent interview on Steve Bannon’s War Room, Lindell also referenced his financial issues telling the former Trump adviser that he had to take out three loans in the amount of $10 million to keep his company in business.
But it is not all doom and gloom for Lindell. He still has his private jet. “I have to get around, you know,” Lindell said.
Mike also said he is still fighting and roping a million a month on his efforts telling Wednesday his “burn rate” is currently still at “a million a month.”
“I pay people all over the country to keep on going to get rid of these electronic voting machines.
“So you know, I’m still earning money.
“And whenever I get my paychecks, whenever I get money, I stick it right back into that.”
According to Yahoo:
Lindell declined to reveal who loaned him the money but told Insider that a majority of the borrowed cash had gone to defending MyPillow against the lawsuits filed against the company.
One of the major ongoing lawsuits is a $1.3 billion defamation lawsuit from Dominion Voting Systems, which cites both MyPillow and its owner, Lindell, in the case.
Dominion sued Lindell in February 2021, alleging that the pillow mogul defamed it by falsely claiming Dominion helped rig the 2020 election. Lindell is countersuing Dominion for $1.6 billion.
Lindell has been facing financial issues for months. In January 2022, one of Lindell’s banks, the Minnesota Bank & Trust, described him as a “reputation risk” and cut ties with him a month later. And in June, Walmart, MyPillow’s biggest distributor, pulled Lindell’s pillows from its stores.
Lindell has also been burning through his cash. In March, he told Insider he was spending “at least $1 million a month” to build social media apps like his Facebook-like platform, Frank Social.
Mike Lindell reveals that MyPillow is going broke because of his battle to prove Trump won, and he had to borrow $10 million to keep things going. pic.twitter.com/f2AZEb694D
— Ron Filipkowski 🇺🇦 (@RonFilipkowski) March 16, 2023