How should I end friendship with my best friend?

Me and my friend have been fighting a lot lately, and he always keeps making fun if me, my other friends always tell him to keep his mouth shut and then he starts dissing them too, I really am starting to hate him, I told him upfront that he should make fun of people but he should do it a limit, he crosses it every time, and I just hate it, I think now that all this crap has been happening I should really just tell him to go his own way and stop sticking his in mine, how should I tell him this?