A Trump-backing tech billionaire is privately pessimistic about the presidency he helped promote.

Peter Thiel, PayPal co-founder and Facebook investor, endorsed Donald Trump during a speech at the Republican National Convention, but he’s reportedly been telling friends the president was a risky investment, reported BuzzFeed News.

Friends told the website that Thiel has expressed concerns in a half dozen private conversations between spring 2016, well before his RNC speech, and May 2017.

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“There is a 50 percent chance this whole thing ends in disaster,” Thiel told friends privately, according to two sources who attended an event with the tech giant around Inauguration Day.

Thiel seemed “annoyed” by Trump’s actions at an event in May, sources told the website, and he described the administration as “incompetent” and questioned the president’s chances at re-election.

He’s told Trump that he’s off to a “terrific start” in public, but sources said Thiel has always been concerned about him as president — despite his endorsement.

The tech investor, who served on the transition team’s executive committee, is worried Trump’s policy agenda has already stalled and will result in four years of stagnation.

Thiel didn’t deny the quotes attributed to him by friends but issued a statement in support of the president.

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“The night he won the election, I said President Trump would face an awesomely difficult task,” Thiel told BuzzFeed. “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.”