Billionaire Bill Ackman criticized Harvard University for failing to clamp down on antisemitic protests and agreed it needed to lose its tax-exempt status.

After the university rejected his administration’s demands, President Donald Trump threatened to tax Harvard as a "political entity," following his move to freeze $2.2 billion in federal funding to the school. He doubled down on his ultimatums three weeks later, insisting that Harvard losing its tax-exempt status was "what they deserve."

The university, like many colleges and charities, is exempt from federal income and property taxes, saving it billions of dollars. President Trump has questioned whether it should enjoy that status.