Mike Lindell, CEO of MyPillow, revealed that he borrowed $10 million in 2022 to keep his company afloat and has been using his personal funds to fight legal battles and further his claims about the 2020 election.
Lindell has been facing financial challenges since being sued by Dominion Voting Systems for defamation and having his products pulled from major retailers like Walmart.
“I sold a building I had in Savage, in Minnesota, in October,” he said. “And I had to borrow 2 million too. I’ve spent it all on fighting for this country.”
Watch Mike explain how he had to take out three loans in the amount of $10 million to keep his company in business:
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
Insider reported:
Mike Lindell, the CEO of MyPillow, says he had to borrow $10 million in 2022 just to keep his pillow company afloat.
Speaking to Insider on Wednesday night, Lindell said that to keep MyPillow going, he borrowed “about 4 million in May, 2 million in the summer, and 4 million in September.”
And on top of that, Lindell said he’s personally been borrowing money to stay liquid, too.
“I sold a building I had in Savage, in Minnesota, in October,” Lindell told Insider. “And I had to borrow 2 million too. I’ve spent it all on fighting for this country.”
Lindell told Insider that some creature comforts — like his private jet, which had a door come off it in October — haven’t been sold yet.
“I have to get around, you know,” Lindell said.
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.
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.
Lindell told Insider on Wednesday night that his “burn rate” is currently still at “a million a month,” though part of this now goes to funding his newly formed “Election Crime Bureau.” The bureau consists of 40 staff members who he says are working hard to uncover more information about the 2020 election.
When asked if he’s finally run out of money, Lindell said he’s “still earning money” but is spending the majority of any profit he reaps on attempts to try to prove the 2020 election was rigged.
His pillows are on my bed; his shoes are on my feet. Mike Lindell is a great Patriot.
Mike spends YAYYYYYY too much of his money on TV commercials!
Dominion refused to allow investigators passwords to the backend of database. So, we are supposed to believe that Joe got 5M more votes than BHO? And 10M more votes than Trump? Easier to change votes after been entered in a computer.
There’s a huge sale going on now. I got 4 sets of king size percale sheets for $39 a set, and some extra queen size pillowcases … $9 for 2 pillowcases. My order was enough to get free shipping! Now is the time to stock up. It couldn’t come at a better time! God bless Mike.