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

Elon 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.

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

Entrepreneur David Sacks, founder of 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 Democrat Hillary Clinton, helped organize a $12 million fundraiser for Trump in June and donated $1 million to vice presidential nominee JD Vance's Ohio Senate campaign.

Brad Smith, president and vice chair of Microsoft, posted on X that Biden "devoted his lifetime to public service and today's announcement is 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. 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 fire on Friday after a global outage caused by a defective update from cybersecurity company CrowdStrike.

Reid Hoffman, cofounder and executive chairman of LinkedIn, posted on X that Joe Biden is "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," noting that Trump and Vance's agenda will "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, 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.