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

• Business leaders are reacting to President Joe Biden's decision to drop his bid for a second term.

• They include Elon Musk, Mark Cuban, Brad Smith, and David Sacks.

• Smith said Biden had "devoted his lifetime to public service."

In yet another shocking turn in this year's presidential race, Joe Biden dropped out Sunday and endorsed Vice President Kamala Harris as the Democratic nominee.

Recently, numerous prominent business leaders and Silicon Valley investors — among them Elon Musk, Bill Ackman, and Marc Andreessen and Ben Horowitz — have publicly come out in support of Donald Trump.

Musk and Ackman announced their backing after the former president was shot in an assassination attempt, while the A16z founders Andreessen and Horowitz pointed to Trump's policies on cryptocurrency and taxes in a lengthy podcast.

Now that the race has been upended at the top of the ticket, here's how business leaders are reacting.

Elon Musk

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, said on July 13 that he "fully" endorsed Donald Trump, joining the list of several top Silicon Valley investors supporting the former president.

Mark Cuban

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."

David Sacks

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.

Brad Smith

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 after a global service interruption caused by a defective update from the cybersecurity company CrowdStrike.

Reid Hoffman

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.

Reed Hastings

Reed Hastings, 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.

Mark Zuckerberg

Mark Zuckerberg posted a nature photo on the water on Threads with the caption "Serene row before a big week."

Zuckerberg later hinted that 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.

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

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

Vinod Khosla

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

He noted that 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."

In response to a comment 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?"

Richard Branson

Business magnate Richard Branson, who cofounded the Virgin Group, noted on X that "President Biden standing down is 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," noting the president could "still do enormous good in the world."

Andrew Yang

Businessman Andrew Yang, who tried to secure the Democratic presidential nomination in 2020, wrote on X that Biden showed "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, noting in another post that the way to do this is selecting "a ticket that is more broadly appealing and electable than Trump."

Melinda French Gates

Philanthropist Melinda French Gates, 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 endorsed a presidential candidate.

Marc Benioff

Salesforce CEO Marc Benioff did not post anything on X, but he did repost TIME's cover story on Biden's withdrawal from the election, which shows Kamala Harris walking into the frame as Joe Biden walks out.

Benioff last week wished a "full and speedy recovery to President Trump." 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

Aaron Levie, CEO of cloud company Box, praised Biden's "amazing leadership" on X and encouraged the Democratic Party to take advantage of this 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 on X.

Larry Summers

Former Treasury Secretary Larry Summers wrote on X that he is refocusing on Trump's "rampant dishonesty, demagoguery and dangerousness" now that Biden has 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."

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