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Warren Fundraising Drops; Buttigieg Rises

Senator Elizabeth Warren saw her fundraising decline in the last quarter of the year as her campaign sounded the alarm and urged supporters to give more.

In an email to her supporters, Sen. Warren’s campaign said her fundraising dropped by almost 30% to $17 million in the fourth quarter, compared to the $24.6 million haul the quarter prior.

“Traditionally, campaigns wait until after the mandatory FEC reporting deadlines to announce how much they’ve raised. But this isn’t a traditional campaign. We’re a grassroots team, and you should know exactly where things stand right now — and exactly why it’s important that you give,” the email states.

“So far this quarter, we’ve raised a little over $17 million. That’s a good chunk behind where we were at this time last quarter,” it added.

See the email below:

The decline in her fundraising haul comes as Sen. Warren doubled down her attack of big-ticket donors — billionaires and wealthy contributors.

Feuding With Billionaires

The Massachusetts senator has accused Democratic presidential opponent Mike Bloomberg and Tom Steyer, both billionaires, of buying their way into the nomination.

She was also called out by other billionaires — Facebook owner Mark Zuckerberg and Microsoft founder Bill Gates — because of her very progressive agenda.   

Gates, in particular, has said that Warren may not even be open to listening to what American billionaires may have to say.

“You know, I’m not sure how open-minded she is. Or that she would even be willing to sit down with somebody who has large amounts of money,” the world’s second-richest man told a New York Times DealBook Conference in reference to Sen. Warren.

The senator has many policies either challenging or outright hostile to the wealthy, including:

  • Medicare for All
  • Breaking up America’s big tech companies (Amazon, Google, and Facebook)
  • A 2 percent wealth tax on net worth above $50 million
  • A 6 percent wealth tax on those with a net worth over $1 billion

She has also had public spats in the past with Wall Street titans Lloyd Blankfein and Leon Cooperman.

Billionaires Fight Back

Cooperman reportedly wrote a 5-page letter to Sen. Warren criticizing her planned wealth tax. He argued that many billionaires are self-made and had to work hard to provide thousands of jobs to “taxpaying workers.” 

He called her out saying her “vilification of the rich is misguided, ignoring, among other things, the sources of their wealth and the substantial contributions to society which they already, unprompted by you, make.”

“For you to suggest that capitalism is a dirty word and that these people, as a group, are ingrates who didn’t earn their riches through strenuous effort and (in many cases) paradigm-shifting insights, and now don’t pull their weight societally indicates that you either are grossly uninformed or are knowingly warping the facts for narrow political gain,” Cooperman wrote in the letter, as reported by several media sources.

“I feel she’s taking the country down a very wrong path. What she’s peddling is bull. Total, complete bull,” he added.

The Democratic Field

Sen. Warren’s momentum in the crowded Democratic race has waned in recent months after earlier leading polls and competing neck and neck with former vice president Joe Biden.

Meanwhile, as Sen. Warren’s fundraiser declines, South Bend Mayor Pete Buttigieg’s fourth-quarter haul increased significantly during the same period.

His campaign reported  $24.7 million in fundraising in the fourth quarter, bringing its total haul to $76 million, which reportedly came from more than 733,000 individual donors. He raised $19 million in the third quarter and $24.9 million in the second quarter.

Sen. Warren and Mayor Buttigieg have had several spats over campaign donations. The senator has criticized Mayor Buttigieg for his high-dollar fundraising events, while the media reported that Sen. Warren also held some high-ticket fundraisers during her Senate run.

Another Democratic presidential candidate, entrepreneur Andrew Yang, reported raising $4 million just in the last week of December, although he has yet to report full quarter donation figures.

Other Democratic candidates have yet to announce their fundraising hauls for the last quarter of the year. They have until Jan. 31 to disclose.


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