Wall Street and business leaders react to Biden’s exit from the race

The latest news quickly made headlines on Wall Street and within the business world, just days after top CEOs condemned political violence and wished Trump a speedy recovery from his gunshot wound.

For his part, Trump reacted quickly on his platform Truth Social on Sunday, where he said: “The fraudulent Joe Biden was not fit to run for president and is certainly not fit to hold the office – and never was!”

Elon Musk

The Tesla CEO endorsed Trump just minutes after the shooting last week, initially commenting on Sunday’s news in a Reply to X.

“I heard last week that he would resign on this exact date and time. That was widely known in Washington. The real powers are throwing out the old puppet and replacing it with one that is better at deceiving the public. They fear Trump because he is not a puppet.”

Bill Ackman

Like Musk, the CEO of Pershing Square also signaled his support for Trump last weekend. Twitter on Sundayhe said: “If @KamalaHarris is not the nominee, it would be an admission that she was never qualified to be Vice President. @KamalaHarris will therefore be the nominee.”

Mark Cuban

The billionaire and entrepreneur Shark tank The star and minority owner of the NBA team Dallas Mavericks has been a steadfast supporter of Biden, even after his disastrous performance at the controversy last month, when he appeared old and frail.

On Sunday only tweeted“Father Time is unconquered.”

Reed Hastings

Co-founder and Chairman of Netflix posted on X that “Democratic delegates must select a winner from the swing states.”

Reid Hoffman

The LinkedIn co-founder and donor to Biden’s campaign welcomed Biden’s decision and expressed support for Vice President Kamala Harris to take his place at the highest of the ballot.

“Harris’ background and leadership skills – growing the economy, fighting for bodily autonomy, and protecting our democracy – put her in a unique position to fight back against Trump’s extremism,” wrote in a thread on X.

Aaron Levie

The CEO of Box, a provider of cloud-based content management, said on X: “Wow. Amazing tour. Let’s get started!”

Vinod Khosla

The billionaire Silicon Valley enterprise capitalist called on Democrats to carry an open convention and nominate a more moderate candidate who could beat Trump.

On Xhe also said that Michigan Governor Gretchen Whitmer and Pennsylvania Governor Josh Shapiro “would be a great thing for America if they weren’t held hostage between MAGA extremists and DEI extremism. A once-in-a-lifetime opportunity for a better moderate path. Every socially liberal, climate and fiscal policy voter should want this to balance our approach.”

Lawrence Sommer

The former Treasury Secretary under President Bill Clinton and White House Economic Advisor under President Barack Obama tweeted that Biden’s withdrawal was a “noble deed”.

“The president can claim this legacy: No president since FDR has passed so many laws supporting the economic interests of the middle class. I did not agree with every measure, but the overall achievement will keep historians busy for decades and perhaps centuries to come.”

Gina Bolvin

The president of Bolvin Wealth Management Group said in a press release: “Biden’s resignation brings a whole new level of political uncertainty. This could be the trigger for long-overdue market volatility.”

Morris Pearl

The former Managing Director at BlackRock and current Chairman of Patriotic Millionaireswho advocates for a strongly progressive tax system, a living minimum wage and equal political representation to combat inequality, praised Biden’s move.

“President Biden’s decision to sacrifice his personal political ambitions in service to the American people will go down in history as an unprecedented act of selfless patriotism. By passing the baton to the next generation, Biden cements his legacy as a bulwark against the rising tide of authoritarianism, a passionate advocate for working people, and a fundamentally good man who put his country above all else,” he said in a press release on Sunday.