U.S. President Joe Biden has announced his decision to not seek reelection after facing mounting pressure from key supporters within the Democratic Party, including prominent tech investors and executives.
In a statement, Biden expressed his gratitude for serving as President and stated that he believes stepping down is in the best interest of the party and the nation, allowing him to focus on his presidential duties.
He also extended his full support to Vice President Kamala Harris as the Democratic Party’s nominee in a subsequent post.
The announcement follows concerns raised during Biden’s recent appearance at the June 27 presidential debate regarding his age, prompting calls from tech industry figures like Michael Moritz, Reed Hastings, and Mark Pincus for him to step aside.
In response to these pressures, tech industry figures like Ted Dintersmith proposed a “blitz primary” process to select a replacement for Biden, while others, including Kamala Harris, engaged with Silicon Valley donors to secure support.
Since Biden’s announcement, prominent tech figures like Reid Hoffman and Reed Hastings have expressed support for Kamala Harris, signalling a shift in the Democratic Party’s strategy.
Meanwhile, the Republican National Convention saw former President Donald Trump officially accepting the party’s nomination and naming JD Vance as his running mate, garnering support from influential tech figures like Elon Musk, Marc Andreessen, and Ben Horowitz.
Biden’s term has been marked by significant legislation impacting the tech industry, including the CHIPS Act and measures addressing antitrust concerns with big tech companies.
