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.) went after newly announced presidential candidate 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 at her campaign event in Iowa on Monday, accusing the former New York City mayor of using his money to influence the election.

Warren criticized the billionaire for announcing his candidacy Sunday along with a $37 million television ad campaign while at her campaign event in Ankeny, Iowa, calling it "fundamentally wrong," NBC News reported.

“Michael Bloomberg is making a bet about democracy in 2020,” she said. “He doesn’t need people. He only needs bags and bags of money. I think Michael Bloomberg is wrong, and that's what we need to prove in this election”

ADVERTISEMENT

The Massachusetts senator has confronted the wealthy throughout her campaign, including proposing a tax on billionaires. She told her audience in Iowa that the 2020 election will determine how money and democracy interact in the future.

“If Michael Bloomberg’s version of democracy wins, then democracy changes,” she said. “And it’s going to be about which billionaire you can stomach going forward.”

The former mayor has addressed concerns about his wealth by saying he will self-fund his campaign and refuse donations.

Bloomberg stood up for his use of his resources in response to Warren at his first campaign event Monday, saying, "For years I’ve been using my resources for the things that matter to me," according to a transcript from his campaign.

“I am going to make my case and let the voters who are plenty smart make their choice,” he added.

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.), another progressive presidential candidate, has already condemned Bloomberg for entering the race, saying billionaires like him are “not going to get very far in this election.”