In a bold move that has sent shockwaves through academic circles, President Trump announced today his intention to revoke Harvard University's tax-exempt status. The president cited the prestigious institution's massive endowment and controversial admissions practices as reasons for the decision.

Harvard, with an endowment exceeding $40 billion, has long been a target of criticism from conservatives who argue that wealthy universities should be taxed like other businesses. In a statement to the press, Trump declared, "It's time for Harvard to pay its fair share."

The announcement follows a series of tweets from the president earlier this week accusing Harvard of discrimination against Asian-American applicants. The university has denied any wrongdoing and defended its admissions policies.

The move to revoke Harvard's tax-exempt status could have far-reaching consequences for the university, potentially costing it millions in taxes. It remains to be seen how Harvard will respond to the president's decision and what impact it will have on the higher education landscape.