Billionaire investor Nelson Peltz will likely back former President Trump over President Biden in their prospective 2024 general election rematch this November, he said Tuesday.

Peltz, 81, cited the ongoing migrant crisis and Biden’s mishandling of the U.S.-Mexico border as the reasons why he was choosing to back Trump.

"It will probably be Trump and I'm not happy about that," Peltz said during an interview with the Financial Times on Tuesday. "We can’t go on letting everyone into this country. We have an immigration problem — it’s not a Republican or Democrat problem. The US should not halt immigration but I want some boundaries put on it so we know at least who we’re bringing in."

He also went on to say that the 81-year-old Biden’s current "mental condition is really scary."

"I don’t know what he knows and I don’t know what he doesn’t know," Peltz continued. "I don’t know who’s speaking for him and that’s troubling."

Peltz supported Trump in 2020 but withdrew his support after the Capitol riot on Jan. 6, 2021, which he has publicly said were incited by Trump.

In Jan. 2021, Peltz accused Trump of inciting violence in Washington, D.C. and said that he was "sorry" for supporting Trump.

During the Financial Times interview, Peltz addressed this past criticism.

"I said I did regret voting for him because for me the Capitol is one of the sacred grounds, and the last time anybody attacked the White House it was the Brits in 1812," he said. "And I thought that was pretty bad. I was convinced at that time that Trump might have incited it."

Despite the controversial riot, Peltz now says he’s returning to the Republican after seeing how Biden ran the country.

Peltz also called the criminal charges against Trump a "miscarriage of justice."

During the 2020 presidential election, Peltz hosted a $580,600-per-couple fundraising dinner for Trump.

During the interview, Peltz said that he had not yet decided whether he would support Trump financially in the 2024 contest.