President Donald Trump on Friday taunted former New York Mayor and multibillionaire Michael Bloomberg amid reports that he is preparing a late entry into the already crowded 2020 Democratic primary race. "He's not going to do well but I think he's going to hurt [former Vice President Joe] Biden actually," Trump, 73, said of Bloomberg. "There's nobody I'd rather run against than little Michael." "He doesn't have the magic to do well," Trump added. "Little Michael will fail." Javers TWEET Trump also said that Bloomberg has "got some personal problems" and that he may "spend a lot of money" on a campaign, but "he will not do very well." It was unclear which problems Trump was referring to. The White House did not immediately provide clarification.

Bloomberg, 77, has not formally announced his presidential campaign yet. A source told CNBC that while Bloomberg is "still not sure" if he will launch a White House bid, he is "troubled" by the current state of the Democratic primary field. Still, he has already secured a few high-profile endorsements. Judge Judy Sheindlin, longtime star of daytime courtroom reality show "Judge Judy," wrote in an op-ed last month that Bloomberg "is the realist we need" in the White House. On Friday, billionaire Leon Cooperman — who recently challenged Elizabeth Warren on what he called her "soak-the-rich" rhetoric — said he will support Bloomberg if he enters the 2020 Democratic primary. "I'm a huge fan of Michael. I know him personally. It's a breath of fresh air. Unless he changes his stripes, he will have my unequivocal support," Cooperman told CNBC in an extensive phone interview. CNBC previously reported that Bloomberg was prepared to spend at least $100 million if he ran for president. A spokesman for Bloomberg did not immediately respond to CNBC's request for comment on the president's remarks. Bloomberg's possible bid garnered mixed reactions among Democrats, some of whom see his more moderate politics as a disruptive force in the top ranks of the primary, where the relative centrist Biden is competing against Warren and self-described democratic socialist Bernie Sanders. "He really believes he would be a good president," longtime Democratic strategist Joe Trippi told CNBC. "At the same time, I'm sure from his perspective he's very worried about Bernie or Warren taking the nomination [and] losing to Trump."