Mike Lindell’s FrankSpeech Stock Rollout a ‘Total Disaster’: Confused Followers and a Struggling Company
Octavio Jones / Getty Images file
Mike Lindell, CEO of MyPillow, has attempted to raise funds for his social media platform, FrankSpeech, by turning it into a publicly traded stock. However, according to former Daily Beast journalist Zachary Petrizzo, the effort has not gone according to plan.
Petrizzo shared on Twitter that “MyPillow CEO Mike Lindell’s attempted Frank Speech stock rollout has been a total disaster,” citing multiple issues that have plagued the launch. One of the biggest problems occurred when Lindell gave his followers the incorrect ticker symbol for the stock, which trades over-the-counter (OTC) rather than on major platforms like the New York Stock Exchange (NYSE).
“Confused MAGA followers who couldn’t find it on Robinhood … got mad at Lindell,” Petrizzo reported, indicating that many of Lindell’s supporters struggled to locate the stock due to his mistake.
The troubles don’t end there. Lindell’s merger partner, a media holding company named InCapta, Inc., has faced financial challenges, with an accumulated deficit nearing $150 million. This financial instability raises concerns about the viability of the partnership and the future of FrankSpeech.
Petrizzo also highlighted Lindell’s misunderstanding of the difference between NYSE and OTC markets, comparing the OTC market to a “flea market” where there is a higher risk of unreliable investments, while the NYSE is more like a stable department store. “At a flea market, more potential for fake merchandise, i.e., pump & dump schemes,” Petrizzo explained.
Gizmodo recently reported that Lindell’s move to take FrankSpeech public involved a reverse stock split, a financial tactic where a company consolidates its shares to raise the price of individual shares. According to Forbes, such maneuvers are rare among large, stable companies and are more commonly used by struggling businesses trying to meet minimum price requirements on exchanges.
Lindell launched FrankSpeech in 2021 as an alternative social media platform, aiming to combat what he views as censorship of conservative voices on mainstream platforms. However, since its inception, FrankSpeech has been criticized for allowing misinformation and extremist content to spread.
Lindell has also used the platform to solicit donations for his legal battles against companies like Dominion Voting Systems, which sued him for defamation over his unfounded election fraud claims. With these complications, Lindell’s venture into the stock market has yet to gain the traction he hoped for.
