CNBC anchor Jim Cramer sounded a rather ominous alarm Thursday morning over President Donald Trump’s desperate attempts to overturn the presidential election results in several key states, warning that there’s no election “outcome” yet and Trump is ultimately “not going anywhere.”

Since decisively losing the election to President-elect Joe Biden two weeks ago, Trump has refused to concede while baselessly accusing Democrats of stealing votes via widespread election fraud. While his longshot legal challenges have largely been fruitless and laughed out of court, Trump’s current strategy appears to be to cast doubt on the legitimacy of Biden’s victory, delay final vote counts, and convince Republican legislators to pick electors that will elect Trump.

With the president personally contacting county election officials who now want to rescind vote certifications, Cramer appeared on CNBC morning show Squawk Box to point out that the financial sector may be getting nervous about uncertainty hanging over American democracy.

Highlighting JPMorgan executive Michael Cembalest’s warning that there is now a “remote risk of an American horror story” and “constitutional mayhem,” the Mad Money host claimed the belief that the president’s legal challenges are failing is not actually true.

“He owns the Justice Department,” Cramer exclaimed. “This is not like Nixon. Nixon played fair.” (An odd comparison considering Richard Nixon attempted to force his attorney general and deputy attorney general to fire the special prosecutor investigating him, setting into motion the mass resignations known as the Saturday Night Massacre.)

After saying he would like Trump to “take a page from Nixon” and accept his loss even if he doesn’t “like it,” Cramer noted that he has been bombarded with emails from the Trump campaign soliciting money to help them reverse the results of the election.

“I’ve never seen anything like it,” he declared, adding that the “biggest risk to the market” is Trump can just insist “I’m the president and I don’t care what you say” while using the military to remain in the White House.

“Honestly, no one knows because it’s never happened—I think President Trump likes things that have never happened,” Cramer ominously noted.

Telling viewers that they should listen to what Cembalest said, the CNBC host concluded by expressing slight doubt that Biden will actually be president despite the vote tallies.

“I think [Trump has] caused a level of concern that has gotten me very worried about the outcome here and there is no outcome yet,” he sighed. “December 15th, after the Electoral College has voted, maybe that will be a moment, but otherwise, when you look at the tweets, he isn’t going anywhere. He’s not!”