Peter Thiel reportedly told friends '50 percent chance' Trump presidency 'ends in disaster'

Billionaire entrepreneur Peter Thiel's support of President Trump may be waning.

BuzzFeed News is reporting that the PayPal co-founder "has distanced himself" from President Trump during multiple conversations, even describing the administration as "incompetent," and one that may well end in "disaster."

The report goes on to state that according to conversations with those close to Thiel, the PayPal co-founder has "developed increasingly pessimistic feelings about the president."

Click through images of Peter Thiel through the years:

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Peter Thiel through the years
Paypal co-founder Peter Thiel speaks at the Republican National Convention in Cleveland, Ohio, U.S. July 21, 2016. REUTERS/Jonathan Ernst
Portrait of Peter Thiel, a tech investor, entrepreneur, venture capitalist, fund manager and co-founder of Paypal, taken at his San Francisco office of the Founder's Fund. (Photo by Kim Kulish/Corbis via Getty Images)
Portrait of Peter Thiel, a tech investor, entrepreneur, venture capitalist, fund manager and co-founder of Paypal, taken at his San Francisco office of the Founder's Fund. (Photo by Kim Kulish/Corbis via Getty Images)
SQUAWK BOX -- Pictured: Peter Thiel, American entrepreneur, venture capitalist, and hedge fund manager. Thiel also co-founded PayPal with Max Levchin and Elon Musk and served as its CEO; he is pictured here in an interview on September 17, 2014 -- (Photo by: Adam Jeffery/CNBC/NBCU Photo Bank via Getty Images)
AUSTIN, TX - MARCH 12: Peter Thiel speaks onstage at Peter Thiel: You Are Not A Lottery Ticket during the 2013 SXSW Music, Film + Interactive Festival at Austin Convention Center on March 12, 2013 in Austin, Texas. (Photo by Jordan Naylor/Getty Images for SXSW)
BEIJING, CHINA - FEBRUARY 27: (CHINA OUT) Peter Thiel, co-founder of PayPal Inc., speaks during a forum themed on entrepreneurship and investment at China National Convention Center on February 27, 2015 in Beijing, China. (Photo by VCG/VCG via Getty Images)
Peter Thiel, head of Clarium Capital Management LLC and founding investor in PayPal Inc. and Facebook Inc., listens during the LendIt USA 2016 conference in San Francisco, California, U.S., on Tuesday, April 12, 2016. Thiel discussed his outlook for the tech industry. Photographer: Noah Berger/Bloomberg via Getty Images
NEW YORK, NY - NOVEMBER 03: Partner at Founders Fund Peter Thiel participates in a panel discussion at the New York Times 2015 DealBook Conference at the Whitney Museum of American Art on November 3, 2015 in New York City. (Photo by Neilson Barnard/Getty Images for New York Times)
BEIJING, CHINA - FEBRUARY 27: (CHINA OUT) Peter Thiel, co-founder of PayPal Inc., speaks during a forum themed on entrepreneurship and investment at China National Convention Center on February 27, 2015 in Beijing, China. (Photo by VCG/VCG via Getty Images)
CLEVELAND, OH - JULY 21: Peter Thiel, co-founder of PayPal, delivers a speech during the evening session on the fourth day of the Republican National Convention on July 21, 2016 at the Quicken Loans Arena in Cleveland, Ohio. Republican presidential candidate Donald Trump received the number of votes needed to secure the party's nomination. An estimated 50,000 people are expected in Cleveland, including hundreds of protesters and members of the media. The four-day Republican National Convention kicked off on July 18. (Photo by Alex Wong/Getty Images)
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In fact, he was reportedly referring to Trump's presidency when he told friends earlier this year, "there is a 50 percent chance this whole thing ends in disaster."

Thiel was viewed as a technology industry outlier when he openly supported Trump during the 2016 election, even speaking at the Republican National Convention and giving $1.25 million to the effort, notes CNN.

According to a report by The Atlantic last November, Thiel decided to back Trump due to the businessman's promise of "a new American politics that overcomes denial, rejects bubble thinking, and reckons with reality."

Some have speculated that the Silicon Valley titan has had a fairly significant influence on the administration—especially during the transition—with one of his nicknames at the time said to be "the shadow president."

However, a CNN report from April notes that Thiel "has been largely absent from the industry's dealings with Trump during the first 100 days of the new administration, according to interviews with tech lobbyists and trade groups."

Despite this and the more recent insider accounts about his pessimism towards the administration, Thiel issued a statement to BuzzFeed News, saying, "The night he won the election, I said President Trump would face an awesomely difficult task. Today it's clear that resistance to change in Washington, D.C. has been even fiercer than I anticipated. We still need change. I support President Trump in his ongoing fight to achieve it."

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