How business leaders and billionaires are responding to Biden dropping out of the presidential race

Musk posted on X shortly after Biden announced his withdrawal: "I believe in an America that maximizes individual freedom and merit. That used to be the Democratic Party, but now the pendulum has swung to the Republican Party."

"My smartest friends, including those living in the San Francisco Bay Area who have been lifelong Dems, are excited about Trump/Vance," he added.

Musk, who pat himself and X on the back when Biden made the announcement on the platform (along with other social platforms), said on July 13 that he "fully" endorsed Donald Trump, joining the list of several top Silicon Valley investors supporting the former president.

Cuban was one of the first business figures to react to Biden's announcement, posting on X: "Father time is undefeated."

The entrepreneur had earlier said he would continue to support Biden after Biden's disastrous debate performance in late June.

"Of our 2 candidates, one I would have no problem hiring as a sales representative," Cuban previously said of Trump in an X post. "He is very good at making people feel comfortable and quickly conveying what he is trying to sell."

Sacks, the entrepreneur who founded the venture-capital fund Craft Ventures, took to X shortly after Biden's announcement. "Biden says he will address the nation later this week," he posted. "Why wouldn't he do that now? This was rushed. Pelosi wanted him out now."

Sacks further posted on X: "First they told us there was nothing wrong with Biden. Then they threatened to destroy him if he didn't leave the race. Now they're calling him a 'hero.' How can you not be sickened by these people?"

In a third post, Sacks said that Democratic Party leaders "believe in selections, not elections."

Sacks, who previously supported the Democrat Hillary Clinton, helped organize a $12 million fundraiser for Trump in June and donated $1 million to the Senate campaign for Trump's eventual running mate JD Vance.

Smith, the president and vice chair of Microsoft, posted on X that Biden had "devoted his lifetime to public service" and called Sunday's announcement "another example of that commitment."

"I want to thank him for everything he has accomplished and for his ongoing service between now and inauguration day," he continued. "Microsoft looks forward to working with his Administration for the remaining months of his term."

Smith recently testified before the House Homeland Security Committee about Microsoft's security errors. Microsoft came under scrutiny Friday over a global service interruption caused by a defective update from the cybersecurity company CrowdStrike.

Hoffman, the cofounder and executive chairman of LinkedIn, posted on X that Biden was "a leader who acts with the best interests of America in mind."

"Not seeking re-election is one of the most selfless acts we've seen from a politician in modern American history," he continued. "This is what's right for our country — and our democratic future."

Hoffman added that Harris "is the right person at the right time," saying Trump and Vance's agenda would "wreak havoc on the American people."

"When presented with the choice between Kamala Harris and Donald Trump, I believe in the American people to make the right decision for our country," he wrote. "The Biden-Harris administration has put this country on the right track. It's time for us to unite. I wholeheartedly support Kamala Harris and her candidacy for President of the United States in our fight for democracy in November."

In January, Hoffman donated $2 million to the Granite for America super PAC, which led a write-in campaign in New Hampshire for Biden's campaign.

Hastings, the cofounder and executive chairman of Netflix, posted on X: "Dem delegates need to pick a swing state winner."

Hastings had been one of the large Democratic donors calling on Biden to not run again.

"Biden needs to step aside to allow a vigorous Democratic leader to beat Trump and keep us safe and prosperous," he previously told The New York Times.

Khosla, the billionaire investor in OpenAI who cofounded Sun Microsystems, posted on X that the Democratic Party should look for a "more moderate candidate" who could beat Trump.

He said Gov. Gretchen Whitmer of Michigan and Gov. Josh Shapiro of Pennsylvania "would be a great thing for America not held hostage between MAGA extremists and DEI extremism."

But on Monday, after Biden endorsed Harris for the candidacy, Khosla told CNBC that "she has a good chance of beating Trump, and beating Trump is more important than winning the presidency."

In response to a comment from Elon Musk supporting Trump, Khosla responded: "Hard for me to support someone with no values, lies, cheats, rapes, demeans women, hates immigrants like me. He may cut my taxes or reduce some regulation but that is no reason to accept depravity in his personal values. Do you want President who will set back climate by a decade in his first year? Do you want his example for your kids as values?"

Khosla said Trump supporters "don't value values enough."

Branson, the business magnate who cofounded Virgin Group, said on X that Biden's choice was "a smart, principled decision by a smart, principled man and gives the opportunity for the next generation to move America and humanity forward."

Earlier this month, Branson wrote on Virgin's website, "Now is the time that he should consider what's at stake and step back from another run," saying the president could "still do enormous good in the world."

Yang, the businessman who tried to secure the Democratic presidential nomination in 2020, wrote on X that Biden had shown "remarkable leadership" and urged the Democratic National Committee to "show equal leadership by having an open process to determine the best candidate(s) to take on Trump-Vance in November."

"The goal should be simple — to win," he added, arguing in another post that the way to do this was selecting "a ticket that is more broadly appealing and electable than Trump."

French Gates, the cofounder of the Bill & Melinda Gates Foundation, said on X that Biden "deserves tremendous gratitude for his many decades of public service and his effective leadership from the White House during an especially consequential time for our nation."

French Gates praised Biden's work to keep the economy on track, guide the US through the pandemic, and work toward equality and opportunity for Americans. She also highlighted Biden's advocacy for women and girls.

"We have seen what a Trump administration looks like, and we cannot risk another one," she wrote.

French Gates formally endorsed Biden in June, the first time she had endorsed a presidential candidate.

Mark Benioff, the Salesforce CEO, shared a link on X to Time magazine's story on Biden's withdrawal and an image showing Kamala Harris walking into the frame as Joe Biden walks out.

Benioff last week on X wished a "full and speedy recovery to President Trump" following the assassination attempt. He added: "May his body be healed, his mind be soothed, and his soul be comforted. May he be blessed with strength and courage, and return to health soon. There is no room in our country for political violence."

Aaron Levie, CEO of cloud company Box, posted on X praising what he called Biden's "amazing leadership" and encouraged Democrats to take advantage of the opportunity.

"The Democratic Party has a clear window to create a superior platform and story that is pro-tech, AI, science, immigration, and entrepreneurship," he wrote.

Summers, the former Treasury secretary, wrote on X that he was refocusing on what he called Trump's "rampant dishonesty, demagoguery and dangerousness" now that Biden had removed himself from the 2024 race.

"Partisanship apart, Donald Trump demonstrated his unfitness to lead America with his shrill and inappropriate comments today," Summers wrote. "Defeating him is the most important electoral priority of my lifetime."

Zuckerberg posted a photo on Threads of two people rowing a boat with the caption, "Serene row before a big week."

However, his post wasn't related to Biden's decision.

"Always important to check your messages before posting...," he wrote in a reply to his post.

The Meta founder also hinted at a potential new set of smart glasses when a Threads user named Matthew Karolian asked him about an old photo he posted to celebrate Facebook's 20th anniversary.

"Will be ready to share more later this year," Zuckerberg wrote early on Monday morning, once again skirting the topic of a potential Harris presidential ticket.

In an earlier interview with Bloomberg, the Meta CEO said Trump's reaction to being shot was "badass," though he did not endorse Trump.

Zuckerberg also said Facebook and Instagram would continue to limit how much politics would appear in users' feeds.

Mark Pincus — best known for founding Zynga, the firm behind FarmVille — had some advice for the Democratic Party on how they could leverage Biden's departure into a victory this November.

"The Dems need radical not predictable to beat Trump. Step 1 was replace Biden. Step 2 is a compelling candidate," he wrote in an X post on Sunday. "Don't quit now! You accomplished the hardest part."

On Friday, Pincus penned an op-ed for the online newsletter, The Free Press, expressing concern over Biden's viability as a candidate given his floundering debate performance.

"In December I attended a small lunch conversation with Biden. He was engaging and thoughtful. Our interactions gave me confidence that he still had enough drive to beat Trump a second time and be a reliable leader," Pincus wrote.

"Seven months later, I have a radically different perspective. Biden looks even riskier than Trump. His debate performance made his age and competency the central issue in the 2024 election," he added.

In his op-ed, Pincus said that he didn't think the Democratic nomination should go straight to Harris and called for an open convention.

"There's nothing to lose and everything to gain," he said. "Turning the convention into an open forum would be dramatic and exciting, and offer the best chance to produce a leader with a positive, mainstream agenda for our country."

Alex Soros, the son of legendary investor George Soros and head of the $25 billion Soros Fund Management, has also backed Kamala Harris following Biden's announcement.

"It's time for us all to unite around Kamala Harris and beat Donald Trump. She is the best and most qualified candidate we have. Long live the American Dream!" he posted on X.

Alex Soros took over his billionaire father's empire in June, with George Soros being one of the largest donors to the Democrats in recent elections.

A spokesperson for George Soros told The Wall Street Journal that he also supported Harris. The philanthropist's Open Society Foundation runs charities in more than 100 countries.

Billionaire businessman and former New York City mayor Mike Bloomberg praised Biden for his "act of selflessness" in withdrawing from the presidential race.

"President Joe Biden's lifetime of honorable public service deserves the respect of all Americans, no matter their party," Bloomberg said in a post on X.

When Bloomberg dropped out of the 2020 presidential election, he endorsed Biden's campaign, but on Monday, he called for Democrats not to get too hasty in choosing a replacement.

With the Democratic National Convention less than a month away, Bloomberg said the party has "more than enough time" to find a leader.

"We don't need to get a resolution right away, but we do need to get it right," he said on X. "The decision is too important to rush, because the election is too important to lose."

Former Meta chief operating officer Sheryl Sandberg endorsed Harris in a Monday Instagram post.

"Vice President @kamalaharris has already made history once — becoming the first Black and South Asian woman to hold her office, and she will do it again in November," Sandberg wrote. "She is an accomplished leader, a fierce advocate of abortion rights, and the strongest candidate to lead our country forward."

Sandberg also cited the vice president's opposition to conflict-related sexual violence and history of defending women's rights, saying she is "thrilled" to support Harris.

Sandberg left Meta's board of directors in January after 12 years. She also stepped down as the company's COO in 2022.