President Donald Trump announced Friday that he will be revoking Harvard University’s tax-exempt status, a significant escalation in the administration’s ongoing campaign against the Ivy League’s crown jewel.

“We are going to be taking away Harvard’s Tax Exempt Status. It’s what they deserve!” Trump posted on Truth Social.

Trump’s announcement follows the administration’s move to freeze $2 billion in federal funding to Harvard after the university refused its demands. Harvard is suing the Trump administration to fight the loss of federal funds, arguing the government is illegally attempting to micromanage the university.

The Trump administration already launched a review of Harvard’s $9 billion of federal funding because of the school’s failure to address campus antisemitism. Harvard’s antisemitism task force released a report earlier this week detailing persistent antisemitism among anti-Israel activists, including Holocaust erasure and shunning Israeli students.