Following Donald Trump’s landslide victory in Monday’s Iowa caucuses, hedge fund billionaire Bill Ackman warned Democrats that if the general election matchup is Joe Biden against Trump, the president is toast.

“If you haven’t figured it out already, it is now abundantly clear that @realDonaldTrump is going to crush @POTUS,” the Pershing Square Capital Management CEO wrote on X, the New York Post reports.

Ackman, who previously identified himself as a Clinton Democrat, recently said he can no longer be identified with the Democratic Party due to what he calls its “racist” diversity, equity and inclusion policies.

Ackman has endorsed Rep. Dean Phillips, D-Minn., as a long-shot challenger to Biden, announcing on Saturday that he was donating $1 million to a political action committee backing Phillips.