Mike Lindell’s auction of MyPillow equipment is not doing well, with initial low bids for the products below the market value.
Here you have what you need to learn about the news.
Mike Lindell’s Auction of MyPillow Equipment Is Not Going To Plan
MyPillow owner Mike Lindell has begun auctioning off more than 800 items, including pillow-making equipment, this month. However, the company appears to have a slow beginning, with more than 100 items having no bids and many items being auctioned for well below the market price.
The auction came after Lindell said he lost $100 million in revenue due to big retailers halting sales of the company’s products. He claimed the move by customers to pull back on ‘cancel culture.’
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MyPillow is currently auctioning its 854 items on the online site K-Bid, with bidding due to finish at different times on Tuesday. Of the available products, over 100 items have yet to receive a single bid, including a 60-door locker unit, a package of 54-span track rollers, and a large wooden desk with two swivel chairs.
On the other hand, products that have received a top bid appear to be significantly lower than the product’s market value. For example, a 45-inch by 20- inches Hytrol Power Belt Conveyor is currently going for $5, but similar products are sold for above $250 on other second-hand websites.
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Similarly, an entry security cage of 88×66×99 inches in size also has $5 as the top bid, but identical items are sold for $1000 on other sites.
With low initial bids, Lindell’s auctioning plan does not seem to go well. Meanwhile, several social media users took the opportunity to criticize MyPillow CEO and mock him.
One Twitter user called Lindell’s auction a disaster, posting a screenshot from one of the lots and wrote, “Mike Lindell’s emergency auction is a disaster. There are dozens of items with $5 bids. Plus, they have pallets of ‘surplus’ pillows selling for $51 a pallet.”
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Another user posted faces with tears of joy and commented, “Industrial machines selling for $5 right now.”
Yet another user mocked him in writing, “Is he also auctioning off his ‘evidence’ about the election?”
In an interview, Lindell said the auction reflects a change from big box and mall store sales to a direct-to-consumer approach. He asserted that MyPillow had to work fast after big multinational retail stores canceled his product and that the company had much inventory to consider.
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Lindell is a vocal supporter of former President Donald Trump and is the latest conservative figure believed to have faced consequences of backing Trump’s baseless claims of stolen election without firm evidence.
The CEO claimed to have lost millions of revenue after he became a vocal proponent of the conspiracy theory that the 2020 presidential election was stolen to win against the Republican candidate.
Lindell’s business was hard-hit after multiple retailers moved away with MyPillow. Last year in June, Walmart indicated that stores would no longer carry MyPillow products, although they would still be available online. Other retailers like QVC, Costco, JCPenney, Bed Bath & Beyond, and Wayfair have also distanced themselves from Lindell’s MyPillow.
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Furthermore, Minnesota Bank & Trust, in February last year, ceased Lindell as a client after a month when the bank called him a ‘reputation risk.’
Additionally, Lindell is facing a billion-dollar detention lawsuit from the voting-equipments company Dominion Voting Systems and another lawsuit from Smartmatic over charges of pushing the election-fraud claims.
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