Breaking News: President Biden Announces He Won’t Seek Re-Election

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Top Business Leaders React to Surprise Announcement

In a shocking turn of events, President Joe Biden announced on Sunday that he won’t seek re-election. Just a week after the attempted assassination of former President Donald Trump, the news sent ripples through Wall Street and the business community.

Business Leaders Express Support and Concern

While some top CEOs condemned political violence and wished Trump a speedy recovery from his gunshot wound, others quickly reacted to the news. Here’s what some notable business leaders had to say:

• Elon Musk: The Tesla CEO endorsed Trump just minutes after the shooting and offered an initial reaction to the news. He tweeted, "I heard last week that he would resign at this exact time and date. It was widespread knowledge in DC. 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."
• Bill Ackman: The CEO of Pershing Square indicated his support for Trump last weekend and tweeted, "If @KamalaHarris is not the nominee, it would be an acknowledgement that she was never qualified to be vice president. @KamalaHarris will therefore be the nominee."
• Mark Cuban: Despite being a steadfast supporter of Biden, the billionaire entrepreneur tweeted, "Father time is undefeated."
• Reed Hastings: Netflix’s cofounder and chairman tweeted, "Dem delegates need to pick a swing state winner."
• Reid Hoffman: The LinkedIn co-founder and donor to Biden’s campaign hailed Biden’s decision and expressed his support for Vice President Kamala Harris to take his place at the top of the ticket. He wrote, "Harris’s background and leadership growing the economy, fighting for bodily autonomy, and protecting our democracy uniquely position her to push back against Trump’s extremism."
• Aaron Levie: The CEO of Box, a provider of cloud-based content management, tweeted, "Wow. Amazing leadership. Now let’s go!"
• Vinod Khosla: The billionaire Silicon Valley venture capitalist urged Democrats to have an open convention and pick a more moderate candidate who can beat Trump. He tweeted, "Michigan Gov. Gretchen Whitmer and Pennsylvania Gov. Josh Shapiro would be a great thing for America not held hostage between MAGA extremists and DEI extremism. Unique opportunity for a better moderate path. Every socially liberal, climate and fiscal voter should want it to balance our approach."
• Lawrence Summers: The former Treasury Secretary under President Bill Clinton and White House economic adviser to President Barack Obama tweeted, "Biden’s withdrawal is a noble act."

Financial Experts Weigh In

Financial experts are also reacting to the news. Gina Bolvin, president of Bolvin Wealth Management Group, stated, "Biden stepping down is a whole new level of political uncertainty. This may be the catalyst for market volatility that is overdue." Morris Pearl, former managing director at BlackRock and current chairman of Patriotic Millionaires, praised Biden’s move. He said, "President Biden’s decision to sacrifice his personal political ambitions in service to the American people will go down in history as an unrivaled act of selfless patriotism."

Conclusion

The surprise announcement from President Biden has sent shockwaves through the country, leaving many wondering what’s next for the country. While reactions from top business leaders vary, one thing is clear: the implications of this decision will be far-reaching. Only time will tell what the future holds, but one thing is certain – the world will be watching.

FAQs

Q: What does this mean for the 2024 presidential election?
A: With President Biden withdrawing from the election, the Democratic primaries will likely move forward without his involvement.

Q: Who will be the likely candidates for the Democratic nomination?
A: Given the surprise announcement, it’s difficult to predict with certainty. However, possible candidates include Vice President Kamala Harris, as well as governors like Gretchen Whitmer and Josh Shapiro.

Q: Will this decision impact the economic markets?
A: Financial experts like Gina Bolvin are concerned about the potential for market volatility as a result of this announcement.

Q: Is this a positive or negative move for the country?
A: Opinions vary, with some seeing it as an opportunity for a fresh start and others criticizing the lack of clarity and uncertainty it creates.

Author: fortune.com

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