Mike Lindell is a well-known American businessman, inventor, and CEO of MyPillow Inc. Over the years, he has become famous for his pillow brand, MyPillow, which has become a household name in the United States. Lindell is known for his entrepreneurial spirit and his ability to turn a simple idea into a multimillion-dollar company. In this article, we will take a closer look at Mike Lindell’s net worth and how he amassed his fortune.
Early Life and Career of Mike Lindell
Mike Lindell was born on June 28, 1961, in Mankato, Minnesota. He grew up in a family of four, and his parents divorced when he was seven years old. Lindell had a tough childhood, and he dropped out of high school in his junior year. He struggled with addiction to drugs and alcohol for many years and lost jobs due to his addiction. In the early 1980s, he became a cocaine addict and would spend up to $5,000 per week on the drug.
However, in 1982, Lindell turned his life around and became sober. He started his entrepreneurial journey by buying and operating a lunch wagon in Minneapolis, which he named “Mike’s Lunch Wagon.” He later sold the lunch wagon and used the proceeds to start a carpet cleaning company called “Carpet Cleaning Shack.” The company did well, and he eventually sold it to start MyPillow Inc.
Founding of MyPillow
In 2004, Lindell had a dream that he had invented a pillow that could help people sleep better. He woke up and immediately started working on his idea. He developed a patented interlocking fill pillow that would conform to a person’s shape and provide support to the head and neck. Lindell started selling the pillows at trade shows and fairs, and the response was overwhelmingly positive.
In 2011, Lindell started airing infomercials for MyPillow, which helped the company grow significantly. Today, MyPillow sells pillows, sheets, mattress toppers, and other bedding products. The company has sold over 50 million pillows and has annual revenues of over $300 million.
MyPillow’s Business Model
MyPillow operates on a direct-to-consumer business model, which means that the company sells its products directly to customers through infomercials, its website, and other channels. This model allows MyPillow to cut out middlemen and sell its products at a lower cost than competitors. MyPillow also has a 60-day money-back guarantee, which gives customers confidence in their purchase.
In addition to its direct-to-consumer model, MyPillow has a strong marketing strategy. The company uses infomercials, social media, and targeted advertising to reach potential customers. Lindell has also used his personal story and faith to market MyPillow, which has resonated with many consumers.
Mike Lindell’s Net Worth
According to Forbes, Mike Lindell‘s net worth is estimated to be $300 million as of 2021. This puts him among the wealthiest entrepreneurs in the United States. Lindell’s net worth has grown significantly in recent years due to the success of MyPillow.
Lindell owns a majority stake in MyPillow, which is valued at over $1 billion. The company’s annual revenue is over $300 million, and it has been profitable since its inception. Lindell also has other investments and ventures, which contribute to his overall net worth.
Controversies Surrounding Mike Lindell
Despite his success, Mike Lindell has been embroiled in several controversies over the years. One of the most notable controversies was his support for Donald Trump and his claims of election fraud, Lindell was a vocal supporter of Trump and his administration. He donated $1 million to Trump’s inaugural committee and was a regular guest on conservative news networks. Lindell also publicly supported Trump’s claims of election fraud in the 2020 Presidential Election, which led to the suspension of MyPillow’s advertising on some networks.
In addition to his political controversies, Lindell has also faced criticism for the claims he has made about MyPillow’s products. In 2016, the company settled a lawsuit with the Better Business Bureau (BBB) over false advertising claims. The BBB alleged that MyPillow made false claims about the health benefits of its pillows, including the ability to cure sleep apnea, fibromyalgia, and other conditions.
Philanthropy and Other Ventures
Despite the controversies, Mike Lindell has also been involved in philanthropic efforts and other ventures. He has donated money to various charities and organizations, including the Salvation Army, the Minnesota Teen Challenge, and the Lindell Foundation. The foundation provides support for people struggling with addiction and funds rehabilitation programs.
Lindell has also been involved in other ventures outside of MyPillow. In 2018, he founded the Lindell Recovery Network, which provides support and resources for people struggling with addiction. He has also invested in other companies and ventures, including a movie about Planned Parenthood, and has been involved in efforts to combat human trafficking.
Mike Lindell’s net worth is a result of his entrepreneurial spirit and ability to turn a simple idea into a multimillion-dollar company. Despite facing several controversies, Lindell has built a successful business and has used his wealth to support philanthropic efforts and other ventures. While his political beliefs and claims about MyPillow’s products have attracted criticism, there is no denying that Lindell has made a significant impact in the business world and beyond.