The media lost its objectivity in its reporting on President Donald Trump, threatening the U.S. political system, Republican billionaire Ken Langone told CNBC on Thursday.

"I think the media ought to be ashamed of itself," the co-founder of Home Depot said on "Squawk Box."

"The whole idea of a newspaper to me is 'give me the facts,'" Langone said. "The New York Times' front page is the equivalent of the editorial page now."

Although Langone is a vocal supporter of President Donald Trump, he said Trump was his third choice, behind New Jersey Gov. Chris Christie and Ohio Gov. John Kasich. Speaking before Trump's speech in Warsaw, Poland, Langone said the president's moves to lift "onerous and burdensome" regulations are helping to reposition America "in the best shape we've been in as a nation right now."

"Somebody told me in November, 'Don't listen to what he says, watch what he does.' What he has done so far in lifting these onerous and burdensome, needless regulations is absolutely incredible," Langone said.