President Trump said Friday that he will take away Harvard University's tax-exempt status.

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

The announcement comes amid Harvard's lawsuit against the White House for cutting federal funding to the university over refusing to eliminate diversity, equity, and inclusion programs.

In mid-April, the Internal Revenue Service began making plans to strip the Ivy League school of its exempt status. Trump's social media post Friday did not indicate when the agency will do so.