US President Joe Biden announced Sunday (July 21) that he was standing down from the country's presidential election this November, endorsing Vice President Kamala Harris on his stead.
The decision was made after a week after the assassination attempt on Republican nominee Donald Trump and months of speculation regarding Biden's physical and mental capacity to discharge the duties of his office.
In a statement, Biden said that his tenure in the White House was the "greatest honor" of his life, and that his decision to not seek reelection was in "the best interest" of the Democratic Party and the United States in general.
— Joe Biden (@JoeBiden) July 21, 2024
It is understood that Biden was prompted to step aside after he recently caught COVID-19 and had to recover in his personal home in Delaware.
Many in the Democratic Party have been quick to endorse Harris as the party's frontrunner, but Biden's Democrat predecessor, Barack Obama, and several key Democratic figures do not endorse her.
While the Democrats are still confirming if Harris would take Biden's place in the race to the White House or another person could stand in for the role, independent presidential candidate Robert F. Kennedy Jr. held a news conference outside his home. CNN reported that the former Democrat commended Biden for his decision to withdraw from the race and said that his replacement would have to be nominated via an "open process."
Meanwhile, Trump said on a Truth Social post that Biden should also resign the presidency immediately since he was not fit to both run for and hold on to the office. Many Republicans, including Trump's vice presidential running mate JD Vance, echoed the sentiment.
With his decision, Biden has become a "lame duck" and would serve as president until the end of his term. The New York Times reported that he is the third Democrat president to do so in the last 75 years. The last time something similar happened was when Lyndon B. Johnson decided to not seek reelection for the 1968 race.
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Business Leaders React to Biden Standing Down from Election Bid
In the business world, there has been speculation regarding Biden's overall capacity to hold office for the next four years.
VCPost previously reported that Democrat donors like Disney heiress Abigail Disney and tech billionaire Mark Pincus have expressed that they would not support Biden in his reelection bid.
After the announcement, Fortune and Fox Business compiled a list of reactions from several business leaders who have voiced their sentiments regarding the news that Biden is standing down in the presidential race.
In a statement on his platform X, formerly Twitter, Trump supporter Elon Musk said that he was initially informed of Biden's decision a few days before Sunday's announcement, saying that it was "widespread knowledge" in Washington.
I heard last week that he would resign at this exact time and date. It was widespread knowledge in DC.
— Elon Musk (@elonmusk) July 21, 2024
The real powers that be are discarding the old puppet in favor of one that has a better chance of fooling the public.
They fear Trump because he is not a puppet.
Pershing Square CEO Bill Ackman also speculated that Harris would be the alternate Democrat nominee, saying that any pronouncement that would be otherwise would mean an "acknowledgement" that she was never qualified for office in the first place.
Box CEO Aaron Levie commended Biden for his decision to step down in the presidential race, while Dallas Mavericks minority owner and Democrat donor Mark Cuban conceded that, despite his staunch support for Biden, his time was up and that "Father time is undefeated."
Netflix co-founder Reed Hastings posted on X that Democrat delegates would need to pick a "swing state winner" to win the presidential election in November without mentioning any person.
LinkedIn co-founder and Democrat donor Reid Hoffman added that he supported Biden's endorsement of Harris, saying that her experience as Biden's vice president "uniquely" positioned her to fight Trump in the polls. The sentiment was echoed by former BlackRock managing director and current Patriotic Millionaires chair Morris Pearl and Forward Party founder and entrepreneur Andrew Yang.
However, Silicon Valley venture capitalist Vinod Khosla urged the Democrats to have an open convention and replace Harris with someone who would present a "unique opportunity" for a more moderate candidate.
The US Chamber of Commerce also released a statement commending Biden for his service to the country.
Meanwhile, Bolvin Wealth Management Group president Gina Bolvin said in a statement that Biden's decision to back out of the presidential race would present "a whole new level of political uncertainty" and a potential for an "overdue" volatile market.
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