Fox News senior congressional correspondent Chad Pergram reacts to President Biden announcing he is dropping out of the 2024 presidential race and has endorsed Vice President Kamala Harris.

LinkedIn co-founder and Democrat megadonor Reid Hoffman said Sunday he "wholeheartedly" supports Vice President Kamala Harris as the Democratic candidate for president, after President Biden announced he would not seek reelection.

Biden ended his bid for a second term in the White House on Sunday, dropping out of his 2024 rematch with former President Trump.

The news came after several reports that the president was losing his donors and cash was drying up.

Once the announcement was made, one of Biden’s major donors, Hoffman, turned to X to throw his support behind a new Democratic Party candidate.

LINKEDIN BILLIONAIRE REID HOFFMAN STANDS BY BIDEN DESPITE DEBATE DEBACLE

"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," Hoffman 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."

Last month, Hoffman expressed his support for Biden’s reelection campaign in an email sent to friends, which was widely reported in the media.

The DNC insider acknowledged that Biden's disastrous debate performance "certainly delivered a blow to the mood among donors and organizers" but shifted the blame onto viewers for caring more about the president's "slower motion and speech" than former President Donald Trump's "dementia."

DEMOCRATS TALK BIDEN REPLACEMENT FOLLOWING 'WEAK' DEBATE PERFORMANCE: 'HE FAILED'

Reid Hoffman speaks onstage at WIRED25 Festival: WIRED Celebrates 25th Anniversary Day 1 on October 13, 2018, in San Francisco, California. (Getty Images / Getty Images)

Following the first presidential debate, there was widespread discussion regarding the possibility of swapping Biden out for another candidate. 

Hoffman said any campaign to pressure Biden into stepping down would be counter-productive, claiming Biden is a "resolute fighter" and public criticism might "compel the Bidens to try to prove the doubters wrong."

Hoffman did not immediately respond to FOX Business' request for comment.

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The LinkedIn chairman said Democrats must learn from the MAGA movement's reaction to Trump's felony convictions, urging them to close ranks around Biden and remember that "fundamentals matter vastly more than a single debate" in the election.

Fox News Digital’s Timothy Nerozzi contributed to this report.