Entrepreneur Andrew Yang raises $10 mln in 3rd qtr for Democratic presidential bid

Entrepreneur Andrew Yang raised $10 million for his presidential campaign during the third quarter, more than triple what he had raised in the previous three months. The sum signaled that Yang's modest rise in public polls has also translated into financial support. The businessman earned 3% support in the latest Reuters/Ipsos poll, enough to put him in sixth place, ahead of several better-known rivals.

Yang is the latest Democratic candidate to release third-quarter fundraising figures, and his total will likely land him among the top half-dozen or so contenders. On Tuesday, U.S. Senator Bernie Sanders said he had brought in $25.3 million, the highest quarterly total of any Democrat in the race thus far. South Bend, Indiana, Mayor Pete Buttigieg raised $19.1 million, while U.S. senators Kamala Harris and Cory Booker reported $11.6 million and $6 million, respectively.

Fundraising numbers are closely watched to assess whether campaigns are collecting the cash needed to be competitive. They must file detailed fundraising reports for the third quarter to the Federal Election Commission by Oct. 15. Yang's campaign is centered on his proposal to give every American a universal basic income of $1,000 a month, a program he has called the "Freedom Dividend." He has argued that automation poses a major threat to jobs and that the dividend would help insulate Americans from economic insecurity.

His campaign said he ended September with $6.3 million on hand and that more than 99 percent of his online donations were $200 or less. The campaign also sold 20,000 MATH hats, a nod to Yang's emphasis on facts and figures. "Andrew Yang is the only contender showing exponential growth in the third quarter," Zach Graumann, his campaign manager, said in a statement announcing the quarterly fundraising. "This grassroots fundraising total, with over $6 million in the bank, ensures this campaign will have the funding to compete and outperform expectations through Super Tuesday and beyond."

The first nominating contest will take place in Iowa on Feb. 3. Super Tuesday refers to March 3, when more than a dozen states, including California and Texas, are scheduled to hold their Democratic primaries.

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