Biden Steps Out of Presidential Race, Polymarket Favors Harris to Clinch Nomination

President Joe Biden announced on Sunday that he will not seek a second term.

The annoucnement slightly improved the odds for Republican nominee Donald Trump on the Polymarket prediction platform, who is not favored with a chance of 64% to clinch the win. Vice President Kamala Harris has now emerged as the frontrunner for the Democratic Party nomination in 2024, as indicated by another Polymarket contract, with a 84% chance of this happening, while trailing Trump for the ultimate win at a 30% chance.

In his departure letter which he shared on social media platform X, Biden endorsed Harris, reinforcing his support in a follow-up tweet.

“Today I want to offer my full support and endorsement 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’s announcement read.

Biden’s decision follows weeks of mounting pressure from over a dozen lawmakers within his party, sparked by a poor debate performance in June.

This November, the 2024 presidential election will determine not only the next President but also the composition of the U.S. House of Representatives and Senate.

“I am honored to have the President’s endorsement and my intention is to earn and win this nomination,” Harris stated. “I will do everything in my power to unite the Democratic Party – and unite our nation – to defeat Donald Trump and his extreme Project 2025 agenda.”