According to Mike Lindell, the CEO of MyPillow, in 2022 he recently had no choice but to take out a loan in the amount of $10 million in order to keep his pillow firm viable.
In addition to this, Lindell disclosed that in order to maintain his personal liquidity he has been taking out additional loans.
According to what Lindell shared with Business Insider, certain luxuries, such as his private plane have not been put up for sale just yet in spite of the fact that he continues to quickly burn through money.
Lindell stated that the majority of the money that he had borrowed had been used to defend MyPillow against the lawsuits that had been brought against the firm.
Nevertheless, Lindell did not specify who had lent him the money.
Dominion Voting Systems has filed a defamation lawsuit in the amount of $1.3 billion against MyPillow and its owner, Lindell, as defendants in the case.
This litigation is one of the key lawsuits that is still pending, and could ultimately prove fatal for Lindell’s business empire if the case ultimately goes against the pillow mogul.
In February of 2021, Dominion filed a lawsuit against pillow mogul Lindell, charging that Lindell defamed the company by making false claims that Dominion helped rig the election in 2020. Dominion is being sued by Lindell for the same amount, $1.6 billion.
According to reports, Lindell has been having trouble making ends meet for months.
The Minnesota Bank & Trust, which was one of Lindell’s financial institutions, labeled him a reputation ris” in January 2022 and severed their links with him the following month.
In addition, Walmart, the largest distributor of MyPillow products, removed Lindell’s pillows off its shelves in the month of June.
In addition to that, Lindell has been spending his money at a potentially unsustainable rate.
Lindell disclosed to Insider on Wednesday that his “burn rate” is “one million a month.”
Despite the fact that a portion of this amount now goes toward paying his newly established “Election Crime Bureau.”
According to Lindell, the Bureau employs forty people, all of whom are allegedly attempting to uncover more information that could somehow prove the 2020 election was ‘stolen.’
When questioned if he has finally ran out of money, Lindell responded that he is “still generating money,” but that he is spending the majority of whatever profit he makes on efforts to try to establish that the election in 2020 was rigged.
Lindell has not been able to provide any evidence to support any of his statements regarding the election in 2020.