Mike Lindell has revealed that he has been forced to borrow $10 million to keep his bedding company MyPillow afloat.
Lindell, the founder and CEO of MyPillow, revealed that he borrowed huge sums of cash last year to prevent his company from going under.
He said he has been using his personal funds to fight legal battles regarding the 2020 election.
Lindell has been facing financial challenges since being sued by Dominion Voting Systems for defamation.
His vocal support of President Donald Trump and his allegations of election fraud have also led to his products being 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.”
Speaking during an interview on Steve Bannon’s War Room, Lindell explains that 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
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.
However, Lindell revealed that some creature comforts, such as his private jet, 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.
The voting machine company alleges that the pillow mogul defamed it by accusing Dominion of helping to 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.
Last March, he said 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.”
However, 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.
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