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Elizabeth Warren campaign buys CNBC ad time, targets wealthy’s critiques

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  • Senator Elizabeth Warren is taking her squabble with opposing billionaires to TV by buying ad time for CNBC this week, a campaign aide told CNBC.
  • The video is titled “Elizabeth Warren Stands Up to Billionaires,” and includes clips of investor Leon Cooperman, former Goldman Sachs CEO Lloyd Blankfein, and others criticizing Warren’s proposed wealth tax.
  • The ad buy also continues a weeks-long spat with Cooperman, who previously said the senator is “s—ting” on the American dream.
  • Visit the Business Insider homepage for more stories.

Senator Elizabeth Warren is taking her fight with billionaires to the small screen by buying ad time for CNBC this week, a campaign aide told CNBC.

The video, titled “Elizabeth Warren Stands Up to Billionaires,” is the latest shot against the bow of several billionaires who’ve openly criticized the Democratic primary candidate’s proposed wealth tax. 

It also fuels a weeks-long spat with billionaire investor Leon Cooperman, who predicted on October 16 the stock market would fall 25% should she win the presidency. He later said the senator is “s—ting” on the American Dream.

Warren replied with a tweet asking the billionaire to “pitch in a bit more so everyone else has a chance at the American dream.”

The minute-long ad includes clips of Cooperman, former Goldman Sachs CEO Lloyd Blankfein, former TD Ameritrade CEO Joe Ricketts, and Silicon Valley investor Peter Thiel. The group chides Warren for her “vilification of billionaires” and warns “she would ruin what we have.” 

The video then shows Warren on stage, asking for the wealthy to pay “two cents” on each dollar above a threshold to fund several proposed programs.

“So here’s the deal. You built a great fortune? Good for you,” Warren says at a rally shown in the ad. “I guarantee, you built it, at least in part, using workers all of us helped pay to educate.”

The ad ends with a list showing what the wealth tax would pay for. The items include universal child care, forgiving student debt, and universal free college.

The candidate’s proposed wealth tax includes a 2% charge on families worth $50 million to $1 billion, and a 3% tax on households worth more than that. While common taxes are deducted from net income, Warren’s proposed tax would take total assets into account. 

The ad buy follows billionaire Michael Bloomberg’s entry into the already-crowded race. Cooperman praised the move on November 8, saying he’d back Bloomberg’s bid and suggested others do the same if they want to keep President Trump from a second term.

“I have a world of respect for his accomplishments and his values. I have to sit down and understand his platform,” Cooperman said. “If the Democratic Party was smart, they would support him.”

Warren surged in the polls though failed to catch up with former Vice President Joe Biden in the primary race, according to Real Clear Politics’ polling average. She has since lost some momentum, and now sits in second place between Biden and Senator Bernie Sanders.

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