- Former South Bend, Indiana mayor Pete Buttigieg took a close second behind Senator Bernie Sanders in the New Hampshire presidential primaries.
- Buttigieg has been harshly criticized by progressives led by Bernie Sanders for accepting campaign donations from 40 billionaires. However, your money is just another way to defeat Donald Trump.
- #PetesBillionaires trended on Friday after Sanders read out (and tweeted) a list of headlines describing Pete Buttigieg as "the big business candidate" who has "the most exclusive billionaire donor of any Democrat".
- Buttigieg has repeatedly tried to ally himself with the middle class by saying that he is the only democratic candidate who is not a millionaire or billionaire. This is undermined by his rich upbringing, elite upbringing, and history of earning six-figure salaries.
- Further information can be found on the Business Insider homepage.
The American 1% may love Pete Buttigieg, but the feelings may not be as mutual as Bernie Sanders would have expected voters to be.
Buttigieg has been sharply criticized by progressives, led by Senator Bernie Sanders, for accepting campaign donations from 40 billionaires, but Buttigieg doesn't seem to be more enthusiastic about it than his critics. Sanders has basically rejected Receive donations from all members of the three-point club and even return a $ 470 donation he received from a billionaire's spouse.
Buttigieg claims, however, that one of his billionaire donors and money are no more than a necessary resource to gain a foothold in a crowded primary field and ultimately against President Trump.
Just as the role of wealth in American society has become a focal point in the elections, Buttigieg's relationship with the rich is quickly strained – and more complex than you may have heard.
The short (and complicated) story of Mayor Pete as a billionaire candidate
The attacks against Buttigieg come from the fact that the mood against billionaires is rising all over the country and the progressive and moderate wings of the Democrats are increasingly competing against each other. Left-wing Sanders and Senator Elizabeth Warren have both been raised in their criticism of America's richest people and Buttigieg's apparent concern about them. Warren sells "Billionaire Tears Up" Mug and hosts a Property Tax Calculator on their campaign website, which is also stolen from Bill Gates and Leon Cooperman with a thin veil. And their harsh rhetoric has frightened many billionaires, said former Goldman Sachs partner and hedge fund manager Michael Novogratz Bloomberg.
Although Sanders has long spoken out against the rich, his last attack on Buttigieg came just four days after the two Democrats scored two goals in the Iowa Caucus. Shortly thereafter, Sanders won the area code in New Hampshire, Buttigieg was just under second.
During an appearance on The late show with Stephen Colbert On February 6, Buttigieg defended his decision to accept financial support from billionaires, stating that his roots in the town's midwest did not make him a "powerhouse for establishment fundraisers". Buttigieg went on to say that anyone who supports his platform should be able to donate to the campaign, including billionaires.
Previously, Buttigieg was frustrated with campaign finance regulations, which have a wealthy, overwhelming impact on the election process. Business Insider reports that he does not accept donations from corporate action committees and is committed to not taking any money from the fossil fuel industry. Most of Buttigieg's campaign funding comes from small donors, the Washington Post reports, including $ 2.7 million from 22,000 new Iowa Caucuses donors.
Buttigieg received campaign donations from 40 billionaires and their spouses, including the wife of former Google CEO Eric Schmidt, Netflix CEO Reed Hastings, and hedge fund manager Bill Ackman, a Forbes analysis of the campaign documents released in December.
Buttigieg's war chest is likely to remain leaner than that of Sanders, who also emerged as the leader in Iowa and New Hampshire. Buttigieg needed until December 2019 to receive a total of five million donations, a sum that Sanders had reached in July The New York Times, Even though several billionaires' donations to Buttigieg exceed the $ 2,800 donation limit, the former mayor's campaign shows "signs of financial strain". The times reported.
Buttigieg paused from the campaign to focus on collecting donations in early February The timesWhile Sanders announced on February 6 that its campaign had raised $ 25 million in January alone, The times reported.
A representative of the Buttigieg campaign did not immediately respond to Business Insider's request to comment on Buttigieg's decision to accept donations from billionaires.
The former mayor came under fire in December after participating in a fundraiser in a wine cave whose dinner under a chandelier with 1,500 Swarovski crystals cost $ 2,800. #PetesBillionaires trended on Twitter Friday after Sanders read (and tweeted) a list of headlines describing Pete Buttigieg as "the big business candidate" who has "the most exclusive billionaire donor of any Democrat".
However, both California Senator Kamala Harris and former Vice President Joe Biden had more supporters than Buttigieg. Biden received donations from 44 billionaires, Forbes reported. Harris had the financial support of 46 before dropping out of the race in December.
Buttigieg insists that he is not a one-per-center.
Buttigieg has repeatedly said that he is the only democratic candidate who is not a millionaire or a billionaire Forbes, Buttigieg and his husband Chasten together have a net worth of around $ 100,000. Forbes Tax returns on student and mortgage loans of $ 180,000 are estimated to weigh on most of their assets. The Magazine estimates Sanders is valued at approximately $ 2.5 million, while Senator Elizabeth Warren is valued at approximately $ 12 million. Buttigiegs' income is still significantly lower than that of Sanders, who each earned more than $ 1 million in 2018. Forbes reported.
The fortune of the 38-year-old former mayor may have more to do with his age than with his socio-economic status, Elena Botella argues in one Forbes Post piece, The six-figure salary that Buttigieg earned during his eight-year tenure as mayor of South Bend (except for his posting to Iraq in 2014) put him on the winning track at becoming a millionaire at age 60 as his retirement assets increased.
Buttigieg's elite credentials don't do much to convince progressives that he's not a billionaire.
According to INSIDER surveys, Buttigieg is 42% less popular in the eyes of primary voters because of his rich upbringing. Buttigieg graduated from Harvard before being selected as a Rhodes Fellow. Previously, he worked as a consultant for McKinsey & Company, the respected and controversial business consultancy.
However, Sanders often uses his humble upbringing as the son of a paint dealer to express his views on inequality and his aggressive proposal to tax wealth Forbes, Buttigieg says he also supports the tax hike for wealthy Americans, but has not yet released a formal proposal, but will use their assets to fund his campaign, Business Insider said.
"I will make exactly one promise to everyone," said Buttigieg when asked by his billionaire donors Stephen Colbert"Whether they give three dollars online or the legal maximum, and the promise is that I will take this post and use it to create the campaign that Donald Trump will defeat so we can actually get the reforms that this country has needs. "