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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsMike Lindell Says He Lost $7M in Failed Mask Venture Touted by Trump: 'Can't Give Them Away'
https://www.msn.com/en-us/news/politics/mike-lindell-says-he-lost-dollar7m-in-failed-mask-venture-touted-by-trump-cant-give-them-away/ar-AALdLyT?ocid=U483DHP&li=BBnbfcLMyPillow CEO Mike Lindell said he retrofitted 75 percent of the pillow company's manufacturing line to produce cloth face masks during the pandemic, but lost about $7 million in the failed venture after the market became saturated....
...Lindell claimed that he wasn't chasing profit and sold the masks at an affordable cost. Currently, the MyPillow website is selling a pack of 10 masks for a discounted $19.99, about half its original price of $39.98.
During his interview with the outlet, Lindell asked an assistant: "How many of those do we have, that we ought to just burn?" The assistant reportedly told Lindell that they had about two million masks.
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Well, we all know the man is incapable of counting. He probably lost about $1M, and only has about 100,000 masks on hand.
Demovictory9
(32,475 posts)anyone could walk through a store and see that
MissMillie
(38,580 posts)supposedly as charity...
(didn't read the article, did you? )
Demovictory9
(32,475 posts)olegramps
(8,200 posts)getagrip_already
(14,837 posts)He was likely lobbying trump to have the gsa buy them, just like countless other grifters were a able to do with various covid supplies, testing media, and ppe.
DFW
(54,437 posts)I find that to be nothing short of miraculous.
grantcart
(53,061 posts)He believes the only way an ex crack addict could be this successful is because he adheres to God's instructions.
Volaris
(10,274 posts)Have you heard him lately? Hes DEFINITELY still on the stuff lol...
grantcart
(53,061 posts)bucolic_frolic
(43,287 posts)Pondering the tax implications of being a charity, then not being a charity, then being a charity again. Does the for-profit side cover costs for the charity side, making for a tax write-off? In effect soaking the government and taxpayers for the charity?
yardwork
(61,705 posts)I doubt he ever produced many masks. The assistant with the quote is made up. There aren't two million masks in a warehouse. Maybe 200,000 pillows that nobody wants.
bucolic_frolic
(43,287 posts)I took accounting. Professor always warned there are two realities - the numbers, and the physical goods. You can be fine on paper, but the warehouse is empty because some procedure is not true. Seems to me that was one of the problems behind the fall of Crazy Eddies.
Accountants focus on numbers and money. Physical goods are something else.
yardwork
(61,705 posts)He's just trying to rehabilitate his image since it's in the toilet thanks to his ridiculous behavior after the election.
Response to bucolic_frolic (Reply #4)
yardwork This message was self-deleted by its author.
Hugin
(33,202 posts)And spent bailing out Kyle Rittenhouse.
"... selling a pack of 10 masks for a discounted $19.99." At two bucks each on discount, when I can get a package of 50 for the same price. He's an idiot.
oldsoftie
(12,601 posts)Trump is supposed to get credit for the vaccine, but the vaccine is supposed to be a plot to kill us. So then isnt trump trying to kill them?
Deb
(3,742 posts)Over-priced pillows aren't selling so cover costs with a different product that you write off at a loss including marketing costs, all to reduce taxes.
How charitable are you if it's all a scheme covered by write-offs where you never actually lose a dime?
yardwork
(61,705 posts)Yes, this is something Mike learned from Trump.
TexasTowelie
(112,422 posts)You were trying to be funny, weren't you?
Fritz Walter
(4,292 posts)Translation: "Schadenfreude is the most beautiful/sublime joy."
The rest of the quote is: "Denn sie kommt von Herzen." (Because it comes from the heart).
snowybirdie
(5,234 posts)about no one wants his masks. Might have helped him if TFG had urged people to wear them, but NO!
keithbvadu2
(36,906 posts)Don't worry, Mikey!
The market will be reinstated in August.
Keep the faith.
Maxheader
(4,374 posts)With all the power of a fluffy pillow. An attention freak...
Vinca
(50,303 posts)Archae
(46,345 posts)Face it, he's on crack again.
no_hypocrisy
(46,187 posts)Shermann
(7,433 posts)He got off cheap. Look at Michael Cohen and Herman Cain. Mike Pence almost got himself hung by a lynch mob.
Bernardo de La Paz
(49,040 posts)Aviation Pro
(12,187 posts)....fuck him for trusting Bloated Tick.
George II
(67,782 posts)TexasTowelie
(112,422 posts)Bucky
(54,065 posts)... that it's wrong to laugh at this recovering drug addict's misfortune. I mean, technically shifting his production facilities over to making masks was a noble and patriotic thing to do.
Unfortunately all his bizarre behavior and constant spewing of disingenuous and knuckleheaded lies has ruined his public reputation. Apparently no one wants to do business with him.
And how do you not feel bad for his employees?
yardwork
(61,705 posts)He didn't make millions of masks. He doesn't have a warehouse full of masks. Nobody's buying his pillows because he destroyed his brand, so now he's trying to get a big tax write off and rehabilitate his image.
GoodRaisin
(8,929 posts)because he's alienated any democratic market he ever had.
paleotn
(17,960 posts)I don't. His public reputation was built on lies. His products are built on lies. They're nothing but crappy ass, second rate pillows and he's a grifter, nothing more. My sympathy goes to those who may have got caught up in his company built on lies because they needed a job, but other than that, fuck them. Fuck them all.
MrModerate
(9,753 posts)paleotn
(17,960 posts)and the more lies they tell the bigger and more crazy the lies become.
Paladin
(28,272 posts)Beastly Boy
(9,423 posts)at a time when his competitors made a killing. I am very impressed.
llashram
(6,265 posts)I hope this POS ends up begging for more in a homeless shelter. After what I had to endure from ignorant hateful racists in the last few days, no more free passes for these trumpiss POS.
PatrickforB
(14,587 posts)just became whack jobs under the Trump administration.
Lindell is a traitor, though. The axe needs to fall. He attempted to help Trump in the coup. Let us NOT forget that. Ever.
TlalocW
(15,391 posts)I sewed cloth masks for friends and family and then started making them for JoAnn Fabrics which were donating them to hospitals while there was a shortage of N95s. That program alone distributed over 200 million masks, and by the time I was into my second batch, you could see the market getting saturated so I politely ignored my friends who said I should start selling them.
TlalocW
GoCubsGo
(32,092 posts)Last edited Sun Jun 20, 2021, 12:49 PM - Edit history (1)
or Haiti, or some poor country in Central America, Africa or south Asia, where they could really use them right now. That tells you all you need to know about this piece of shit.
You lost $7 million? Boo fucking hoo.. You still have enough to run your shit commercials all over the place. I saw that stupid thing at least twice on GMA this past Friday. Con man got conned by another con man. Serves him right.
Delarage
(2,186 posts)Maybe his orange buddy could fix up his private jet and send them to people who need them, since they're so great. But nope---never a thought about anyone else. Pathetic losers with money.
malaise
(269,157 posts)lose more you fool
Yo_Mama_Been_Loggin
(108,192 posts)ProfessorGAC
(65,168 posts)And, he lies about how many "good paying" american jobs he's created.
So, his lying about the scope of this loss would be par for the course.
Also, carrying a Debt:Equity ration of over 5, he didn't lose $7 million. He lost around $1.1 million.
His creditors lost the other $5.9 million.
liberal_mama
(1,495 posts)a lot of Trumpers won't wear masks.