diff --git a/Makefile b/Makefile
index 791e37ca222c2..1ab7f513acece 100644
--- a/Makefile
+++ b/Makefile
@@ -359,7 +359,7 @@ endif
 endif
 
 ifneq ($(LOADER_BUILD_DEP_LIBS),$(LOADER_INSTALL_DEP_LIBS))
-	# Next, overwrite relative path to libjulia-internal in our loader if $(LOADER_BUILD_DEP_LIBS) != $(LOADER_INSTALL_DEP_LIBS)
+	# Next, overwrite relative path to libjulia-internal in our loader if $$(LOADER_BUILD_DEP_LIBS) != $$(LOADER_INSTALL_DEP_LIBS)
 	$(call stringreplace,$(DESTDIR)$(shlibdir)/libjulia.$(JL_MAJOR_MINOR_SHLIB_EXT),$(LOADER_BUILD_DEP_LIBS)$$,$(LOADER_INSTALL_DEP_LIBS))
 
 ifeq ($(BUNDLE_DEBUG_LIBS),1)