What is an elitist and why is being one so bad?

Hello everyone, I am asking this question because I keep hearing it in the news and such. I have looked it up but I do not know if I have the right definition. At first I thought it was someone who thinks that they are better than everyone else but when I looked it up it was different. So here is the definition I got from dictionary.com: Elitist - (2) consciousness of or pride in belonging to a select or favored group. So is an elistist just a person who favors a select group? Or is it just being used as an insulting word like retard and ass, meaning its just being used as an insult without any relation to the defintion. Or is it being used as a manipulation, making those who don't know what it means angry or whatever. Please enlighten me.

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