Democratic presidential hopeful Kamala Harris' pick of Minnesota Gov. Tim Walz as her running mate Tuesday will have many investors wondering about the Minnesotan's business history.
Who is Tim Walz?
Before being added to the Democratic ticket, Walz - who began his career as a public school teacher in Nebraska before moving to Minnesota - won support from former House Speaker Nancy Pelosi, labor unions and much of the party's left wing.
The momentum propelled Walz ahead of other VP candidates, including Pennsylvania Gov. Josh Shapiro, on the cryptocurrency-based betting platform Polymarket early Tuesday morning.
In recent weeks, Walz went viral for his scathing critique of the Republican ticket of Donald Trump and J.D. Vance with just one word - "weird."
Tim Walz's Net Worth: Prior to politics, Walz taught geography at Mankato West High School while coaching the school's football team to its first state championship.
He also served for 24 years in the Army National Guard. He attained the rank of Command sergeant major.
He ran for Congress in 2006 in Minnesota's first congressional district, defeating an incumbent Republican in a wave year for Democrats.
Walz retired from Congress in 2018 following his election as Minnesota Governor.
Given Walz's career as a teacher, it is unsurprising that his net worth is on the lower end, compared to other U.S. elected officials.
According to Quiver Quantitative, Walz's net worth stood at $596,000 in 2017 per a congressional filing. His most valuable asset was a rental property, valued at $250,000 to $500,000. His filing valued his Minnesota State Retirement Pension, from his days as a teacher, at $50,000 to $100,000.
Walz reportedly did not hold any stocks nor make trades while serving in Congress.
Walz's Business Stances: Walz's ideology in Congress wavered between liberal and moderate, per the BBC. He voted for President Barack Obama's Affordable Care Act, supported raising the minimum wage and backed climate legislation.
However, he opposed bank and automotive bailouts following the 2008 financial crisis.
Walz was also once endorsed by the National Rifle Association (NRA).
As governor, Walz signed into law the first tax cut for middle-class Minnesotans in 20 years. He is a strong supporter of recreational cannabis and signed a bill to legalize its use.
With a narrow legislative majority, Walz passed an agenda of increasing infrastructure spending and tax credits. He also expanded free breakfast and lunch to all Minnesota students, regardless of income. Republicans tried to block the measure.
How Minnesota Is Doing: Minnesota's budget increased 40% after Walz's election in 2022, per the Star Tribune.
Walz attempted to use the state's substantial budget surplus to give Minnesota families $2,000 in tax credits.
A 2023 WalletHub study ranked Minnesota as the fourth-happiest state in the U.S.