Mr Lindell's pillow commercials became well known for their frequent play on Fox News. The CEO essentially built his brand through his prevalence on Fox News and his outspoken conservative politics, and has long been one of the network's largest advertisers.
The Wall Street Journal reported that Mr Lindell was pulling the ads in a report on Friday.
According to the report, Mr Lindell pulled the ads because Fox News would not air a commercial promoting a symposium he is holding that will promote election fraud claims.
Mr Lindell claims he spent nearly $50m on ads at the network last year, and has already spent $19m this year.
Fox News issued a statement lamenting Mr Lindell's departure, noting that he built his business on the back of the network.
“It's unfortunate Mr Lindell has chosen to pause his commercial time on Fox News given the level of success he's experienced in building his brand through advertising on the number on cable news network,” the network said in a statement.
If Fox News did decline Mr Lindell's ad, it may have been to protect itself, as Mr Lindell has frequently repeated claims about companies like Dominion Voting System, which prompted the company to sue the CEO for $1.3bn in damages.
Mr Lindell has caused a stir in past interviews because of his claims. During an appearance on Newsmax, anchor Bob Sellers cut the CEO off after he started repeating election fraud conspiracy theories that included claims about Dominion Voting Systems. Mr Sellers walked off set because Mr Lindell refused to stop promoting the theories.
One America News allowed Mr Lindell to purchase airtime on its network to show his manic three hour documentary “Absolute Proof” in which he repeated his numerous conspiracy theories at length. Prior to airing the documentary, OAN aired a disclaimer disavowing itself of any of Mr Lindell's claims to protect itself from legal blowback.
Mr Lindell's feverish crusade to prove that the election was stolen has hurt his business. Earlier this year, he revealed that huge retailers like Bed Bath & Beyond and Kohl's have stopped selling his products as a result of his behaviour.
“We lost 40 per cent of our business in January and February,” Mr Lindell said. “I can't get that back. I can only try.”