Democratic presidential hopeful Andrew Yang Andrew YangBiden's latest small business outreach is just ... awful Doctor who allegedly assaulted Evelyn Yang arrested on federal charges The Hill's Campaign Report: Biden weighs in on police shootings | Who's moderating the debates | Trump trails in post-convention polls MORE quipped that the possible entrance of billionaire Michael Bloomberg Michael BloombergBloomberg rolls out M ad buy to boost Biden in Florida Democratic groups using Bloomberg money to launch M in Spanish language ads in Florida Bloomberg pays fines for 32,000 felons in Florida so they can vote MORE into the 2020 race will probably "change the price of advertising." The comments came before the entrepreneur expressed his enthusiasm for the former New York City mayor joining the race.

"It's probably going to change the price of advertising," Yang joked to CNN after he was asked what affect a Bloomberg candidacy would have on the contest.

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"Mike has a very valuable perspective to offer," Yang added. "I'm glad that he's looking at the race."

Yang was then asked how he would explain to Bloomberg why he needs $1,000 a month under the entrepreneur's proposed universal basic income plan.

"It's opt-in, so he doesn't need to take it. Knowing Mike he probably wouldn't." Yang said. "Though you don't get to be a billionaire by turning down $1,000 a month."

2020 candidate @AndrewYang jokes that if former New York City mayor Michael Bloomberg were to enter the presidential race "it's probably going to change the price of advertising."https://t.co/3LUznoJZRy pic.twitter.com/BRtsuMkgWr — New Day (@NewDay) November 8, 2019

Multiple news outlets reported Thursday that Bloomberg was preparing to file paperwork to declare his candidacy in Alabama's presidential primary.

In response, Montana Gov. Steve Bullock Steve BullockCourt removes Pendley from role as public lands chief On The Trail: Making sense of this week's polling tsunami McConnell locks down key GOP votes in Supreme Court fight MORE (D) and the campaign manager for Sen. Bernie Sanders Bernie SandersSirota reacts to report of harassment, doxing by Harris supporters Republicans not immune to the malady that hobbled Democrats The Hill's Morning Report - Sponsored by Facebook - Republicans lawmakers rebuke Trump on election MORE (I-Vt.) opined that the race doesn't need another billionaire.

Sen. Elizabeth Warren Elizabeth WarrenOvernight Defense: Appeals court revives House lawsuit against military funding for border wall | Dems push for limits on transferring military gear to police | Lawmakers ask for IG probe into Pentagon's use of COVID-19 funds On The Money: Half of states deplete funds for Trump's 0 unemployment expansion | EU appealing ruling in Apple tax case | House Democrats include more aid for airlines in coronavirus package Warren, Khanna request IG investigation into Pentagon's use of coronavirus funds MORE (D-Mass.) welcomed him to the race by referring him to her "Calculator for Billionaires" to show him how much he'd pay under her proposed "Ultra-Millionaire Tax."