MyPillow founder Mike Lindell’s financial empire crumbles as debt and legal battles threaten to bury him.
At a Glance
- Mike Lindell faces a $1.5 million lawsuit from Cobalt Funding Solutions over an unpaid loan
- MyPillow loses retail partners following Lindell’s 2020 election fraud claims
- Lindell criticizes the future receivables industry as a “sham” and countersues over high interest rates
- Multiple lawsuits and product boycotts worsen Lindell’s financial woes
The Pillow King’s Crumbling Empire
Mike Lindell, the once-celebrated MyPillow guru, is watching his financial kingdom collapse faster than you can say “electoral fraud.” The man who promised Americans a good night’s sleep is now facing a nightmare of his own making. Lindell’s pocketbook is under siege from all sides, with creditors, lawyers, and even shipping companies lining up to collect their pound of fleece.
The latest blow comes from Cobalt Funding Solutions, a cash advance firm that’s suing Lindell for a cool $1.5 million. It seems our pillow patriot took out a loan against future sales, probably betting on the American dream of endless pillow demand. But instead of soft, fluffy profits, Lindell’s facing hard, cold reality.
Mike Lindell, the MyPillow CEO, filed a lawsuit against two small financial services that gave his company a loan when it needed money urgently. https://t.co/rMopsWhz5B
— FORTUNE (@FortuneMagazine) December 14, 2024
A Sham of a Loan?
In a twist that would make even the most seasoned carnival barker blush, Lindell is crying foul over the very loan he took out. He’s calling the future receivables industry a “sham” and has counter-sued Cobalt over what he claims are illegally high interest rates. It’s like watching a man complain about the quality of the rope he used to hang himself.
Lindell, in his infinite wisdom, decided to halt payments to Cobalt in mid-October, effectively giving them the financial equivalent of a pillow over the face. He even went so far as to block the company’s access to MyPillow’s bank account. Because nothing says “responsible businessman” like playing hide-and-seek with your creditors.
The Price of Pillow Talk
But let’s not forget how we got here. Lindell’s financial woes didn’t start with a bad loan; they began when he decided to trade in pillow talk for political conspiracy theories. His relentless promotion of baseless election fraud claims has turned MyPillow from a bedtime staple to a boycotted brand faster than you can say “rigged voting machines.”
The irony is thicker than a MyPillow mattress topper. Lindell, who built his empire on the promise of a good night’s sleep, is now keeping his lawyers up at night trying to fend off lawsuits. It’s a testament to the old adage: lie down with conspiracy theories, wake up with debt collectors.
The American Nightmare
As Lindell’s financial house of cards teeters on the brink of collapse, one can’t help but marvel at the spectacle. Here’s a man who rode the wave of American entrepreneurship to the top, only to wipe out on the shores of political delusion. It’s a cautionary tale for our times: stick to what you know, or you might end up sleeping in the bed you’ve made – minus the comfy pillows.
In the end, Mike Lindell’s story is less about the American Dream and more about the American Nightmare. It’s a wake-up call for those who think they can mix business with baseless political crusades. As for Lindell, he might want to consider a new slogan: “MyPillow: For When You’ve Made Your Bed and Have to Lie in It.”
