Tom Steyer speaks during the California Democratic Convention in San Francisco in June. (Stephen Lam/Reuters)

Sens. Elizabeth Warren and Bernie Sanders, rivals for the Democratic presidential nomination, have found a common cause: beating up on Tom Steyer, the latest entrant into the crowded primary field, for his plan to spend $100 million of his own money on the race.

In the two days since Steyer announced his bid, Warren (D-Mass.) and Sanders (I-Vt.) have highlighted the billionaire’s ability to self-fund his campaign in an attempt to raise money for their own.

“What we don’t need is more billionaires running for president — and more people spending their vast wealth to buy the political system,” Sanders’s campaign said in a fundraising solicitation on Thursday. “Our campaign is funded by nearly 2 million contributions at $19 a piece. Not the billionaire class. We’re very proud of that.”

Warren’s campaign struck a similar chord in a fundraising solicitation on Tuesday.

“The Democratic primary shouldn’t be decided by billionaires, whether they’re funding Super PACs or funding themselves,” it said. “If you’re a billionaire, you can already buy yourself a mansion, a private island, and even a yacht to get yourself there. But you shouldn’t be able to buy yourself the White House — not without a fair fight on a level playing field.”

Steyer’s plan to spend $100 million of his own money was first reported by the New York Times. During an appearance Thursday on “CBS This Morning,” Steyer was asked why that would be money well spent.

“I don’t think it’s about the money,” he said, before ticking off various causes he’s helped fund in recent years, including boosting turnout for Democrats in key districts in the House last year. “This is about retaking the democracy from the corrupt corporate power that is determining what happens in Washington, D.C.”

Steyer’s entrance into the race this week marked a reversal of previous plans.

In January, when he announced he would not run for president, Steyer said that rather than entering the race he would turn his attention fully to pressuring members of Congress to start impeachment proceedings against President Trump.

Steyer announced then that he would throw $30 million into those efforts. Before the end of January, he had spent $10 million on television ads arguing to that end.

Steyer built a net worth Forbes estimates at $1.6 billion with his hedge fund, Farallon Capital, which he sold in 2012. For years he has been among the most prolific Democratic donors, both in his home state of California and nationally. In 2013, he founded NextGen Climate (now NextGen America), a PAC that has contributed about $230 million to Democrats in the 2014, 2016 and 2018 election cycles.

Sanders and Warren have long rallied against the impact of billionaires on U.S. politics.

During his 2016 presidential run, Sanders turned his fight against the “billionaire class” into a rallying cry.

Warren’s comments on Steyer echoed those earlier this year when it appeared as though another wealthy candidate — former New York mayor Michael Bloomberg — might enter the Democratic race.

“I think that campaigns should not be for sale,” Warren told reporters at the first event of her campaign, a January town hall in Council Bluffs, Iowa. “I think that as Democrats, in a Democratic primary, we ought to be building grass-roots support; we ought to be building a movement. The way we do that is with lots of involvement from lots of people, not having billionaires buy these campaigns.”

Chelsea Janes and David Weigel contributed to this report.