True. His company was a marketing company and he failed to branch into other products. It's a marketing company because, let's face it, how many pillow brands can any of us name off the top of our head? So "My Pillow" became an identifiable brand based on the name and the CEO's image (which is why we see him in those ridiculous ads). Suddenly, people could associate a name to a commonly used product, and people assumed it was quality, especially since it was a sold at a premium price. I never used one, but I hear it's nothing spectacular.
So it could be a combination of things: 1) his product was overpriced for the quality and people caught on and he did not diversify his product line 2) the CEO's image was heavily tarnished by his repeated attempts to assist in overthrowing national election results.
He has nobody to blame but himself unless you consider the possibility that he's certifiably insane