Andrew Yang raises $10M in last quarter, triples previous fundraising figure

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Andrew Yang: Our campaign has been growing steadily over time

Democratic presidential hopeful Andrew Yang on how he plans to pay for his universal basic income plan.

Democratic presidential candidate Andrew Yang hauled in $10 million during the July-September third quarter of fundraising, his campaign announced Wednesday.

That’s more than triple the $2.8 million the tech-entrepreneur raised during the April-June second quarter of fundraising and more evidence – along with his rise in public opinion polling – that the long-shot for the White House has surged over the summer.

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Yang’s campaign also reported $6.3 million cash on hand as of the end of September and noted that the funds will go towards building up staff and infrastructure in the early voting primary and caucus states.

"Andrew Yang is the only contender showing exponential growth in the third quarter, more than tripling his fundraising number from last quarter," campaign manager Zach Graumann touted. "This grassroots fundraising total, with over $6m in the bank, ensures this campaign will have the funding to compete and outperform expectations through Super Tuesday and beyond."

Yang has become a serious contender for the Democratic nomination thanks to the popularity of his so-called "Freedom Dividend." That’s Yang’s universal basic income proposal to give each adult American $1,000 a month to ease the economic pain stemming from lost jobs due to automation and artificial intelligence. He says he’ll pay for the program by implementing a national value-added tax.

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He's also built a strong and devout base of grassroots supporters and donors, known as the Yang Gang. Thanks to his fundraising prowess and polling, Yang has made the stage for all the Democratic primary debates to date, something that some better-known governors and senators failed to do.

Yang closed out the third quarter of fundraising by headlining a rally in Los Angeles that drew some 5,000 people, according to his campaign. And they noted that Yang raised $2.28 million in the last ten days of September.

"Wow, we ended the quarter on the biggest rush of donations ever!" Yang tweeted on Tuesday night. "Thank you to everyone who worked your heart out to exceed our goal - you all are amazing!"

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The campaign cash figure from Yang, while impressive, paled in comparison to the whopping $25.3 million Sen. Bernie Sanders of Vermont hauled in during the third quarter. The Sanders campaign announced its fundraising figures early Tuesday morning.

South Bend, Ind. Mayor Pete Buttigieg brought in $19.1 million over the past three months. Sen. Kamala Harris of California reported bringing in $11.6 million, with Sen. Cory Booker of New Jersey raising over $6 million.

President Trump’s re-election team announced that they and the Republican National Committee combined hauled in a massive $125 million in the third quarter.

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Democratic presidential candidate Sen. Michael Bennet of Colorado also released his fundraising figures on Wednesday. The long-shot contender for the nomination reported raising $2.1 million over the past three months, with $1.8 million cash on hand. The campaign noted that 86 percent of contributions were $25 or less.

“Our strategy to run a lean, strong campaign in early states is working, and we have the resources to compete and win. We’re continuing to run TV, rural radio, and digital ads and build out our infrastructure and staff,” Bennet campaign spokesperson Shannon Beckham emphasized.

Bennet didn’t make the cut for last month’s Democratic nomination debate and failed to qualify for this month’s showdown as well. That has not discouraged Bennet's campaign.

"Instead of allowing the DNC’s flawed debate criteria to dictate this race, we’re communicating directly with voters and caucusgoers,” Beckham said, taking aim at the Democratic National Committee’s thresholds to qualify for the debate.