Is it right to cut a close friend off because he is being disrespectful in a “joking way” ?

I’ve been friend with this guy for a year, and he recently confessed his feelings for me, after basically playing and sleeping around with girls that whole year. Now that I know that he became more dominant and is calling me names, insulting me, comparing me with his exes and then when I tell him to stop he says he is “joking” and to chill but he is gone as far as to calling me a b*tch and stupid am I wrong for not taking that as a joke?
Is it right to cut a close friend off because he is being disrespectful in a “joking way” ?
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