Mike Lindell’s Financial Struggles Cast Doubt on Future of Election Denial Movement
Unraveling the Financial Turmoil of Pillow Magnate Mike Lindell
In recent news, it has come to light that Mike Lindell, the well-known pillow entrepreneur and prominent supporter of the election denial movement, may be experiencing financial difficulties. This revelation emerged through a court filing this week, suggesting that Lindell’s financial situation is under strain.
For the better part of three years, Mike Lindell has been a leading financial backer of the election denial movement, tirelessly advocating false claims that Donald J. Trump secured victory in the 2020 presidential election. He has also been an ardent proponent of efforts to alter the American voting system.
However, recent developments, including public records and interviews with Lindell and others, paint a picture of financial troubles on his horizon. Lawyers representing Lindell in various defamation lawsuits have taken the extraordinary step of seeking withdrawal from these cases, citing unpaid legal fees amounting to “millions of dollars.” If they proceed with this withdrawal, Lindell will find himself without legal representation in lawsuits that collectively seek over $1 billion in damages.
In a candid interview, Lindell expressed understanding toward his lawyers’ decision to withdraw, stating, “They have to feed their families.” He also attributed his financial woes, in part, to his activism surrounding the 2020 election.
A recent filing by Smartmatic, one of the firms suing Lindell for defamation, did not object to his lawyers’ withdrawal but expressed concerns that he might be exploiting the situation to solicit funds for his election fraud campaign. Smartmatic highlighted Lindell’s fundraising email seeking $200,000 from supporters, which referenced his lawyers’ motion.
Since 2021, Mike Lindell, CEO of MyPillow, and a close associate of former President Trump, has invested substantial sums in conferences, legal actions, and even his digital media venture to promote unproven or debunked conspiracy theories regarding the use of voting machines in the alleged theft of the 2020 election. He has collaborated with state-level groups across the nation and continues to engage with activists through regular conference calls. Additionally, he has used MyPillow advertising to support various conservative and right-wing media outlets that amplify his claims.
Lindell himself has disclosed that he has personally spent as much as $60 million on his political endeavors. His involvement in politics intensified after the events of January 6, 2021, when he was photographed entering the White House for a brief meeting with Trump, with notes mentioning “martial law if necessary.” Around that time, MyPillow faced setbacks as major big-box retailers terminated distribution contracts (attributed to reasons unrelated to Lindell’s politics). Last year, Walmart removed MyPillow products from its stores, resulting in reported losses of $7 million for the company, though these figures remain unverified due to MyPillow’s private status.
Property records reveal an IRS lien of $4.6 million for unpaid taxes from 2020 on one of Lindell’s residences owned through a limited-liability corporation. Lindell attributes this lien to an ongoing negotiation concerning a tax write-off for an investment in a pharmaceutical company.
In April, an arbitration panel ordered Lindell to pay $5 million to a software engineer who took on Lindell’s challenge to debunk data he claims proves election hacking in 2020. Lindell has thus far refused to comply with the order, leading to lawsuits between him and the engineer, Robert Zeidman.
Lindell’s financial challenges deepened in August when American Express reduced his line of credit from $1 million to $100,000, effectively impeding his ability to cover legal fees for the defamation suits. Lindell perceived this decision as a consequence of his political activities, although American Express maintained that their decisions are based on financial factors and credit history, not political affiliations.
Recently, Lindell’s lawyer, Andrew Parker, filed motions to withdraw from the defamation suits filed by Dominion Voting Systems, Smartmatic, and Eric Coomer, the former director of product strategy and security at Dominion. Parker cited Lindell’s consistent failure to make payments as the reason for withdrawal.
It’s worth noting that Dominion Voting Systems also sued Fox News on similar grounds and reached a $787.5 million settlement with the media company in April. However, when asked about settling his own lawsuit, Lindell firmly stated, “Absolutely not.”
The implications of Mike Lindell’s financial challenges on the broader election denial movement and conservative news media, which he has significantly supported, remain uncertain. While some influential activists maintain that Lindell continues to play a vital role in the movement, they also acknowledge that financial support comes from other sources. About one-third of the cost of a conference Lindell hosted in Missouri in August was covered by other donors.
MyPillow’s advertising and revenue-sharing agreements with conservative media figures, such as Stephen K. Bannon, have been pivotal in supporting right-wing voices. These promotions have witnessed a slight uptick over the past year, according to analytics companies iSpot.tv and Magellan.ai, which track television advertising and podcasts, respectively.
Stephen K. Bannon, in particular, has been highlighting Lindell’s financial struggles on his show, portraying Lindell as a victim of corporate and government overreach, and urging viewers to purchase more pillows to support him, ultimately boosting sales. Bannon even plans to host his show from Lindell’s Minnesota factory in the near future.
In conclusion, Mike Lindell‘s financial challenges have raised questions about the future of his involvement in the election denial movement and his support for conservative media. While his influence remains significant, the movement appears to have diversified its funding sources, and the fate of Lindell’s legal battles and business ventures remains uncertain.
By: M Z Hossain, Editor Sky Buzz Feed
