Democratic presidential hopeful Howard Schultz has been the subject of a furious backlash after he suggested that billionaires be referred to as "people of means" or "people of wealth".
The former CEO of Starbucks made this statement during an on-stage Q&A with CNBC host Andrew Ross Sorkin, where he laid out his philosophy on wealth and the 'American Dream'.
During the discussion, the author of Winner Takes All,Anand Giridharadas, sent in a question to Schultz asking if he agreed that 'billionaires had too much power in American public life?'
The 65-year-old billionaire from Brooklyn didn't quite agree with this sentiment and instead said that he'd prefer billionaires to be called something different.
The moniker 'billionaire' now has become the catchphrase. I would rephrase that and say that 'people of means' have been able to leverage their wealth and their interest in ways that are unfair, and I think that speaks to the inequality but it also speaks to the special interests that are paid for 'people of wealth' and corporations who are looking for influence.
Although Schultz might have thought his statement made perfect sense, he probably should have given it a bit more consideration, as people were quick to point the irony of a billionaire using his wealth to campaign for president without any political experience.
Howard Schultz says billionaires should be referred to as “people of means” or “people of wealth.” https://t.co/I3apM0h7aa