Comedian Colin Jost on Saturday mocked President TrumpDonald John TrumpGOP senators balk at lengthy impeachment trial Warren goes local in race to build 2020 movement 2020 Democrats make play for veterans' votes MORE over a report that Trump accrued more than $1 billion in business losses in a 10-year period, saying that the story revealed that the president "may not be the financial genius that no one ever really thought he was." 

"According to tax documents from 1985 to 1994, Trump appears to have lost 'more money than any other American taxpayer,'" Jost said on NBC's "Saturday Night Live."

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"And I love that during that period when he was losing a billion dollars, he had the audacity to write a book about how great he was at business," Jost continued, referring to "The Art of the Deal."

The New York Times, citing IRS transcripts, reported last week that Trump's businesses accumulated $1.2 billion in losses between 1985 and 1994. The report revealed that Trump's business losses began to rapidly grow during the late '80s and early '90s. 

He reported losses of more than $250 million in 1990 and 1991, according to the Times. 

The documents the newspaper received also indicated that the president avoided paying income taxes for eight of the 10 years because of his massive losses. It remains unclear if the IRS asked him to make changes after audits.

Jost noted that "Fox & Friends" host Ainsley Earhardt did not consider the report damaging. The segment cut to a clip of the anchor stating that the report showed "all the things that he's done in his life.'"

"It's beyond what most of us could ever achieve," she added.

"Come on, blonde lady. Even you don’t believe that. I mean, you said the last part into your hand. It would be like if I said, 'Oh, Donald Trump. He’s such a hardworking president,'" Jost said as he placed his hand against his mouth. 

Trump has dismissed the report, calling it a "highly inaccurate Fake News hit job." He also defended the losses, saying that real estate developers in the 1980s and 1990s were entitled to "massive write offs and depreciation which would, if one was actively building, show losses and tax losses in almost all cases."