Fox News chief political anchor Bret Baier on the announcement that President Biden is dropping out of the 2024 presidential race.

President Biden's announcement on Sunday that he will not accept the Democratic Party's nomination for the presidency in the 2024 election spurred quick reaction from several major business leaders and trade groups.

"It has been the greatest honor of my life to serve as your President," Biden wrote. "And while it has been my intention to seek reelection, I believe it is in the interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term."

In a second post on X addressed to Democrats, Biden offered his support for Vice President Harris to be the party's nominee. He wrote that picking Harris was his "very first decision as the party's nominee in 2020" and "it's been the best decision I've made." 

"Today I want to offer my full support for Kamala to be the nominee of our party this year. Democrats – it's time to come together and beat Trump. Let's do this," Biden added in a call for party unity after his withdrawal from the nomination.

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President Biden announced Sunday that he will not accept the Democratic Party's nomination in the 2024 presidential election. (KENT NISHIMURA/AFP via Getty Images / Getty Images)

Here's a look at how some prominent business figures have responded to President Biden's withdrawal as the Democratic Party nominee for the 2024 election.

Elon Musk

Billionaire entrepreneur Elon Musk, who publicly endorsed former President Trump after he survived an attempted assassination last week, said in a post on X that he will continue to support the Republican ticket despite Biden dropping out of the race.

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

Musk also highlighted a report that Biden White House aides found out about the president withdrawing from the election on X, the platform he bought more than a year and a half ago.

Elon Musk said many of his Democrat friends in the San Francisco area are supportive of former President Trump's campaign. (Chesnot/Getty Images / Getty Images)

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Reid Hoffman

Billionaire LinkedIn co-founder Reid Hoffman – a fierce critic of former President Trump and Democratic megadonor – wrote on X that Biden "is a leader who acts with the best interests of America in mind" and called his withdrawal from the election "one of the most selfless acts we've seen from a politician in modern American history." 

He also endorsed Vice President Harris as being "the right person at the right time" to serve as the Democratic Party's nominee in November.

"The Democrats are the party of policy, progress, and action. 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. The Biden-Harris administration has put this country on the right track. It's time for us to unite," Hoffman wrote. "I wholeheartedly support Kamala Harris and her candidacy for President of the United States in our fight for democracy in November."

Reid Hoffman endorsed Vice President Harris after Biden's withdrawal. (David Paul Morris/Bloomberg via Getty Images / Getty Images)

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Bill Ackman

Billionaire hedge fund manager Bill Ackman, who recently endorsed former President Trump's campaign, said on X that Democrats will have Harris move to the top of the ticket because not doing so would suggest she wasn't qualified to be picked by Biden as vice president.

"If @KamalaHarris is not the nominee, it would be an acknowledgment that she was never qualified to be vice president," Ackman wrote on X. "@KamalaHarris will therefore be the nominee."

Bill Ackman said Democrats will have to nominate Vice President Harris because not doing so would raise questions about her qualifications as the vice president. (Scott Eells/Bloomberg via Getty Images / Getty Images)

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Reed Hastings

Billionaire Netflix co-founder and executive chair Reed Hastings called for Biden to withdraw from the race after the first presidential debate and signaled that delegates heading to the Democrat convention in Chicago in nearly a month should find a candidate to replace Biden at the top of the ticket who can win swing states.

"Dem delegates need to pick a swing state winner," Hastings wrote on X.

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Mark Cuban said "father time is undefeated" after Biden's announcement. (Tim Heitman/Getty Images / Getty Images)

Mark Cuban

Entrepreneur Mark Cuban, who has been a staunch critic of former President Trump, wrote in a post on X that "Father time is undefeated."

Cuban recently expressed an openness to Democrats replacing Biden as the nominee after his debate performance. 

In March, Cuban told Bloomberg that if there was a Trump-Biden rematch and Biden was "being given last rites, I would still vote for Joe Biden." He recently called Biden's debate performance "awful" and said he appeared "feeble," which prompted him to express an openness to replacing Biden as the party's nominee.

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Andrew Yang

Andrew Yang, an entrepreneur who sought the Democrat presidential nomination in 2020 and has since launched the Forward Party, wrote on X, "Remarkable leadership shown by Joe Biden. Now it falls to the DNC 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."

Andrew Yang was among the candidates who vied for the 2020 Democratic Party presidential nomination with President Biden. (Fox News / Fox News)

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U.S. Chamber of Commerce

The U.S. Chamber of Commerce, which is the largest trade group for businesses in the U.S., released a statement after Biden's announcement.

"We commend and thank President Biden for his legacy of service to our country and extend him our best wishes," the group wrote. "The U.S. Chamber of Commerce looks forward to continuing to engage with leaders across the political spectrum to forge solutions and advance policies that will make the American Dream a reality for all."