US President Joe Biden has announced that he will no longer run for reelection, a decision that has come after weeks of growing pressure from some Democratic supporters, including prominent tech investors and executives.
“Serving as your president has been the greatest honor of my life,” Biden said. declaration. “And while it was my intention to seek reelection, I believe it is in the best interest of my party and my country for me to step aside and focus solely on my duties as President for the remainder of my term.”
In a later post, Biden expressed his “full support and endorsement” of Vice President Kamala Harris as the Democratic nominee.
The announcement comes after Biden's appearance at the June 27 presidential debate reignited concerns about the 81-year-old candidate's age and prompted pressure from some in the Democratic Party and his base of donors, including prominent tech figures, to step down.
Venture capitalist Michael Moritz said this week that Biden should step down and that he would withhold donations to Democrats in the meantime. Netflix co-founder Reed Hastings and Zynga co-founder Mark Pincus have also called on Biden to drop out of the race.
Another VC, Ted Dintersmith, co-wrote a plan for a proposed “blitz primary” process to select a Biden replacement. Other tech industry Democrats have been prominent in the process, even if their positions on Biden are less clear. Harris met with a group of Silicon Valley donors on Friday, including LinkedIn founder Reid Hoffman.
After Biden announced his departure, Hoffman said, “I fully support Kamala Harris and her candidacy for President of the United States in our fight for democracy in November.” Hastings did not endorse Harris, but said Democrats “now have hope” and party leaders “need to elect a winner in swing states.”
The announcement also comes on the heels of the week-long Republican National Convention, where former President Donald Trump formally accepted the party’s nomination and named JD Vance—a former VC with deep Silicon Valley ties—as his running mate. X owner Elon Musk has endorsed Trump, as have VCs Marc Andreessen and Ben Horowitz, who have argued that “the future of our business, the future of tech, and the future of America are at stake” in this election.
Biden’s term has been eventful for tech. He signed the $52.7 billion CHIPS Act aimed at spurring domestic semiconductor manufacturing, funded EV and battery manufacturing, and signed another bill banning TikTok if its parent company, ByteDance, refuses to sell the app. He also appointed an FTC chair who is willing to challenge big tech on antitrust issues.
