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The tight timeline will magnify any missteps Ms. Harris might make but also minimize the chances for a stumble. And in a race that Mr. Trump had been on a trajectory to win, Ms. Harris immediately becomes the ultimate X-factor. She was making the argument for herself but the logic applies to Ms. Harris, too. Her day job is not nearly as demanding as Mr. Biden’s, and she can barnstorm the country at a pace far faster than Mr. Trump has undertaken. And while Ms. Harris did not carve out a reputation in California as an outspoken progressive — her tagline as D.A.
Persons: Kamala Harris, Donald J, Biden’s, Harris, Trump, Biden, Nikki Haley, Mr, ” Erin Wilson, Harris’s, She’s, Trump’s, Dave Sanders, , Scranton Joe, ’ Harris, Yuri Gripas, Hillary Clinton, Erin Schaff, Reid J, Epstein Organizations: Democratic, Trump, Democratic Party, Republican, Trump Republicans, Democrats, The New York Times, Committee, Mr, New York, The Trump, Biden, Black, ABC, Fox News, Republicans, Air Force, Senate Locations: Europe, Manhattan, New, California, San Francisco, Milwaukee
In today's big story, President Joe Biden ended his reelection bid . The president ended his reelection campaign on Sunday, the culmination of mounting pressure from his party after a disastrous debate last month. Meanwhile, former President Donald Trump said in a post on Truth Social that "Crooked Joe Biden was not fit to run for President." Biden's reelection campaign has quickly pivoted to serve Harris, making it an uphill battle for any Democrat looking to challenge her , writes Business Insider's Brent D. Griffiths. Many have made comparisons to the 1968 Democratic convention , which was a contested convention after President Lyndon B. Johnson ended his reelection campaign earlier that year.
Persons: , Joe Biden, Biden, Alyssa Powell, BI Joe Biden, Elon Musk, Reid Hoffman, Donald Trump, Kamala Harris, Harris, Jared Siskin, Biden's, Insider's Brent D, Griffiths, Hillary Clinton, BI's Bryan Metzger, Lyndon B, Johnson, Hubert Humphrey, Humphrey, Richard Nixon, Brent, Here's, Sieg, Merrill Lynch, Abanti Chowdhury, Andy Sieg, Warren Buffett's, Buffett, Paul Chinn, Andrew Caballero Reynolds, Marc Andreessen, he'd, Andreessen, Trump, BI's Adam Rogers, OpenAI, Sam Altman's, slowdowns, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Business, BI, Democratic, Madison, Park Conservancy, Citi Wealth, BI Citi Wealth, Bank of Montreal, Buffett Locations: Park, Plenty, Washington, Chicago, Southern, New York, London
Follow the moneyThe shock waves from President Biden ending his re-election bid, after weeks of pressure to step aside, are still reverberating around the world. Many Democratic officials and financial backers have followed his lead and endorsed Vice President Kamala Harris as his successor in the race. But the conspicuous silence of some senior party leaders and warnings from prominent donors suggest that the party’s ticket isn’t a done deal. The latest: Biden’s withdrawal opened a flood of Democratic donations, with more than $50 million pouring in on Sunday, in what one strategist said might be “the greatest fund-raising moment in Democratic Party history.”Wall Street and Hollywood donors came back in force, while stalwart Biden backers, including the tech billionaire Reid Hoffman and the hedge fund scion Alex Soros, pledged their support to Harris.
Persons: Biden, Kamala Harris, Reid Hoffman, Alex Soros, Harris Organizations: Democratic, Democratic Party
In recent weeks, many Democrats in Silicon Valley had kept uncharacteristically quiet as prominent technology leaders — including Elon Musk and the investors Marc Andreessen and Ben Horowitz — endorsed Donald J. Trump for president. Even though Democrats had long been a dominant force in Silicon Valley, some were unenthusiastic about supporting President Biden, who was unpopular in the tech industry. They wanted to see if Mr. Biden could change the narrative around his struggling campaign. And those who were vocal in their support — such as the tech investor Reid Hoffman — faced attacks. Across the tech industry, the floodgates immediately reopened.
Persons: Elon Musk, Marc Andreessen, Ben Horowitz —, Donald J, Trump, Biden, Reid Hoffman —, , Nihal Mehta Organizations: Elon, Mr, Democratic, Eniac Ventures Locations: Silicon Valley, New York
Joe Biden's withdrawal from the 2024 presidential race is causing market uncertainty. Analysts now expect more market volatility after Biden pulled out of the race. AdvertisementUS President Joe Biden's withdrawal from the presidential election is throwing fresh uncertainty into the markets for a second straight week. Investors were already trying to position themselves for the so-called "Trump trade" following the failed assassination attempt on former President Donald Trump on July 13. Markets at large were relatively calm following Biden's withdrawal after the Trump trade gripped sentiment last week.
Persons: Joe Biden's, Trump, Biden, , Donald Trump, Mark Haefele, Jim Reid, Kyle Rodda, Harris, Chris Weston, Pepperstone, Kamala Harris, Biden's, Haefele Organizations: Service, Trump, Republican, UBS Global Wealth Management's, Nasdaq, Treasury, Deutsche Bank, Democrats, Democratic Party, Democratic, UBS
The mercurial billionaire gave his endorsement to Trump, just minutes after the GOP presidential candidate was nearly assassinated on July 13. Since then, Musk has only doubled down on Trump and his newly minted running mate, Vance on his social media platform, X. — Elon Musk (@elonmusk) July 21, 2024Trump/Vance LFG!! — Elon Musk (@elonmusk) July 21, 2024Trump/Vance LFG!! Related storiesThe potential switch in Democratic nominee to Harris hasn't swayed Musk, who started criticizing her candidacy on Sunday.
Persons: , Elon, Donald Trump, Sen, JD Vance, Trump, Musk, Vance, — Elon, Joe Biden, Kamala Harris, Biden, Vinod Khosla, Reed Hastings, Khosla, Hastings, Reid Hoffman, Harris, Vinod, Vance LFG, I'm, Harris hasn't, gFwWAv15Qx — Elon, Daniel Hallin, it's, Hallin, Jonathan Aronson, Aronson, Trump stokes Organizations: Service, GOP, Trump, Business, Democratic Party, Republican Party, Democratic, Netflix, Biden, UC San Diego, USC Annenberg School for Communication, Journalism, Trump . Representatives, BI Locations: Ohio, San Francisco Bay, America, Texas
Read previewFormer Meta COO Sheryl Sandberg endorsed Vice President Kamala Harris for president in social media posts on Monday. Sandberg, who founded Lean In, a nonprofit that works to support women in the workplace, made the announcement one day after Harris entered the race for president. AdvertisementSandberg also said Harris "will defend women's rights — and all Americans' rights — from the Oval Office with a determined, compassionate focus." The Harris campaign did not respond to a request for comment on Sandberg's endorsement. Sandberg is among the tech and business leaders who have spoken out since Biden dropped out of the race and Harris entered it.
Persons: , Sheryl Sandberg, Kamala Harris, @kamalaharris, Sandberg, Harris, I'm, Lean, Joe Biden, Biden, Trump, Reid Hoffman, Alex Soros, George Soros Organizations: Service, Business, Lean, Democratic, LinkedIn, Fund Management Locations: Delaware
Vice President Kamala Harris is already seeing a wave of big money donor support following President Joe Biden dropping out of the race, with the help of bundlers who have assisted her in past races, according to people familiar with the matter. Lasry helped raise money for the vice president when she ran against Biden in the 2020 Democratic primary. Hoffman has donated at least $10 million to supportive Biden political action committees so far this election, according to Federal Election Commission records. The campaign filed the new name of their campaign, "Harris for President," with the FEC. That would come with the added risk of donors potentially deciding not to donate to the new campaign, Massoglia said.
Persons: Kamala Harris, Joe Biden, bundlers, Biden, Harris, Donald Trump, Marc Lasry, Lasry, Reid Hoffman, Hoffman, Doug Emhoff, Alexander Soros, George Soros, Stewart Bainum Jr, Anna Massoglia, Massoglia Organizations: Democratic, Senate, CNBC, Wall, Biden, Trump, Venture, Commission, New, New York Hamptons, Hamptons, Democratic Party, Choice, Convention, Democratic National Committee Locations: New York, Chicago
New York CNN —The world learned relatively quickly that cybersecurity firm CrowdStrike was behind a crippling global tech outage on Friday. Billion-dollar billExperts largely agree it’s too early to get a firm handle on the price tag for Friday’s global internet breakdown. His firm estimates that a recent hack of CDK Global, a software firm that serves US car dealerships, reached that $1 billion cost mark. It’s also not clear how many customers CrowdStrike might lose because of Friday. It will be difficult, and not without additional costs, for many customers to switch from CrowdStrike to a competitor.
Persons: CrowdStrike, , you’re, Dan Ives, it’s, Patrick Anderson, Anderson, Harry Reid, Ty ONeil, , James Lewis, Lewis, It’s, Wedbush Securities ’, ” Ives, George Kurtz, ’ ”, Eric O’Neill Organizations: New, New York CNN, CNN, Wedbush Securities, Anderson Economic Group, Harry, Harry Reid International Airport, Microsoft, Center for Strategic, International Studies, SolarWinds, Exchange Commission, CNBC Locations: New York, Michigan, Russian, CrowdStrike
"Not seeking re-election is one of the most selfless acts we've seen from a politician in modern American history," he continued. 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. 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.
Persons: Reid Hoffman Kimberly White, Reid Hoffman, Joe Biden, Hoffman, Harris, Trump, Kamala Harris, Donald Trump Organizations: LinkedIn, Biden, Granite, America, PAC Locations: United States, New Hampshire
Powerful leaders of the Democratic establishment quickly embraced Vice President Kamala Harris on Sunday after President Biden’s shocking exit from the race, hoping that a seamless succession could end a month of damaging chaos and transform a contest widely believed to be tipping toward Republicans. With breathtaking speed, she took control of Mr. Biden’s enormous political operation and contacted Democratic leaders in Congress and state houses to ask for their support. The Biden campaign formally renamed itself “Harris for President,” giving her immediate access to an account that had $96 million in cash at the end of June. On an internal call, the Biden campaign’s leaders told staff members that they would now work for Ms. Harris. “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,” Ms. Harris said in a statement.
Persons: Kamala Harris, Biden’s, Harris, Barack Obama, Biden, “ Harris, , , Donald Trump, Ms Organizations: Democratic, Sunday, Biden, Democratic Party —
CNN —President Joe Biden outraised – and dramatically outspent – the campaign of Republican rival Donald Trump last month, new campaign reports filed Saturday show, raising questions about how long the president’s political team can operate at full throttle if donations dry up. By contrast, Trump’s campaign spent just shy of $10 million, leaving $128 million in its war chest. One fundraiser that proceeded over the weekend in Cape Cod brought in more $2 million, campaign officials said. Trump’s campaign, meanwhile, has consistently spent far less than Biden’s. A super PAC backing Trump’s candidacy, MAGA Inc., meanwhile, entered July with nearly $114 million in available cash.
Persons: Joe Biden outraised –, Donald Trump, , Biden’s, Ohio Sen, JD Vance, – won’t, Biden, Kamala Harris, ” Harris, Saturday’s, Harris, he’ll, Charlie Spies, Biden outraised, Trump, Reid Hoffman, Eric Schmidt, James Murdoch, Rupert Murdoch, Kathryn, MAGA, Robert Bigelow, Linda McMahon, CNN’s Edward, Isaac Dovere, Samantha Waldenberg Organizations: CNN, Republican, Democratic, Federal, Commission, Republican National Committee, Committee, Biden, Democratic Party, Republican National Convention, Ohio, Street, Trump, PAC, Save, LinkedIn, Google, Fox News, MAGA Inc, Small Business Administration, RAI Services Locations: Atlanta, Cape Cod, New York, Manhattan, Save America
“No matter the strength of their arguments.”Democratic officials also said the virtual roll call should not happen before Aug. 1. The convention’s rules committee will vote in a meeting next week on whether to conduct a virtual roll call. On Friday, at least eight more Congressional Democrats, including Senator Martin Heinrich of New Mexico, called on Mr. Biden to withdraw from the race. changed its process to nominate Mr. Biden to accommodate an Aug. 7 deadline to place him on the ballot in Ohio. chair, acknowledged the controversy over holding a virtual roll call but defended the move as transparent, necessary and long planned.
Persons: Biden, Dana Remus, Remus, ” Ms, Mr, Donald J, Trump, Martin Heinrich of, Jaime Harrison, ” Mr, Harrison, , Tim Walz, Leah Daughtry, , Biden —, Terry McAuliffe, Howard Dean, Donna Brazile, Daughtry, Minyon Moore, Reid J, Epstein Organizations: Democratic, Democratic National, Biden, Democratic National Committee, Lawmakers Locations: Ohio, Martin Heinrich of New Mexico, Delaware, Minnesota
Vice President Kamala Harris joined a call with major Democratic donors Friday afternoon to discuss what the hosts called "urgent, emerging needs." The call came as more Democratic lawmakers publicly call on President Joe Biden to drop his bid for reelection. A Biden campaign official told NBC News that the president's advisers asked Harris to do the call, which Democratic megadonor Reid Hoffman, the billionaire LinkedIn co-founder, planned to join. The organizers repeated claims first made in a Biden campaign memo earlier on Friday, saying that voters still wanted Biden, even if donors and Democrats in office do not. "We know which candidate in this election puts the American people first: our President, Joe Biden," Harris said.
Persons: Kamala Harris, Joe Biden, Biden, Harris, Democratic megadonor Reid Hoffman Organizations: Democratic, NBC News, LinkedIn, NBC, Biden Locations: North Carolina
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Persons: , it's, Brent Weiss, there's, isn't, ​ ​ Jen Reid, Michael J, Ashley Feinstein Gerstley, you'll, Weiss, doesn't Organizations: Service, Yardley Wealth Management Locations: Roth
New York CNN —Stocks are soaring this year, but that could soon change as election chaos takes the market on a rollercoaster ride. But this has been a destabilizing week for US stocks and the market trajectory could be shifting. The Dow was down more than 430 points, or 1%, in the morning trading session on Friday as the tech outage continued to rattle investors. Former President Donald Trump, meanwhile, said in an interview with Bloomberg that Taiwan should pay for its own defense. The bright sideInvestors have been largely resilient this year and some financial bigwigs say the election won’t change that.
Persons: Donald Trump, Joe Biden, Dow, , , , Jim Reid, Biden, they’re, Scott Wren, Wells, Jerome Powell, Liz Young Thomas, Russell, Young Thomas, ” Trump, CrowdStrike, JPMorgan Chase, Jeremy Barnum, isn’t Organizations: New, New York CNN, Investors, Big Tech, Nasdaq, Deutsche Bank, Democratic, , Treasury, Fed, Tech, Bloomberg, Taiwan Semiconductor Manufacturing, Nvidia, Microsoft, Meta, JPMorgan Locations: New York, Iran, Israel, Wells Fargo, , China, Taiwan
Crowds are seen building up at Suvarnabhumi Airport as a global IT disruption caused by a Microsoft outage and a Crowdstrike IT problem combine to affect users on July 19, 2024 in Bangkok, Thailand. Several airlines halted flights on Friday, while others warned of delays and services being unavailable as the impact of an unprecedented IT outage was felt globally. Organizations including Microsoft were left scrambling to restore apps and services used by a huge number of firms. Airlines across Europe, the Americas and Asia issued updates outlining the suspected extent of impact on their flight schedules and wider services. ET) that operations were "disrupted," excluding flights already en route, and that it would share further updates shortly.
Persons: Stephen Murphy, Grzegorz Drozdz Organizations: Suvarnabhumi Airport, Microsoft, Belfast International, Sky News, KLM, Air Locations: Bangkok, Thailand, Airlines, Europe, Americas, Asia, Air France
Even before the debate, Mr. Biden had told confidants that he believed he had a far better chance than Ms. Harris of beating Mr. Trump. By making the case for himself publicly and privately, Mr. Biden has implicitly had to downplay her chances of winning. Image Mr. Biden arriving in Dover, Del., late Wednesday night, on his way to spend time at his home in Rehoboth Beach. “She’s not only a great vice president,” Mr. Biden said at the N.A.A.C.P. Brenda Pollard, a Democratic delegate for Mr. Biden, said she hoped Mr. Biden would not step down as the nominee.
Persons: Biden, Kamala Harris’s, Biden’s, Kamala Harris, Harris’s, Donald J, Trump, Jeff Zients, Biden —, Zients, Shuwanza Goff, Harris, Doug Mills, , Mr, confidants, Yuri Gripas, Joe Biden —, Donald Trump, , Kirsten Allen, Eric Lee, J.D, Vance of Ohio, Kamala ”, , Ms, “ She’s, ” Mr, Brenda Pollard, he’ll, Pollard, , ” Ms Organizations: White, White House, New York Times, Mr, Democratic, Communications, The New York Times, Credit, Trump —, Biden, Republican National Convention, Department of Justice, Republican, West Wing Locations: Delaware, Dover, Del, Rehoboth Beach . Credit, San Francisco, Dallas, Greensboro, N.C, Nevada, Las Vegas, United States, Washington, Durham
LONDON — The new U.K. government is on Thursday set to propose legislation to prevent "significant uncosted measures" from being announced without an analysis of their impact on public finances. The OBR would be able to produce its analysis at the time of its choosing, according to notes on the bill released Wednesday. The notes contain a veiled reference to what became known as the British "mini-budget crisis" under former Prime Minister Liz Truss and ex-Finance Minister Kwasi Kwarteng. Shortly after taking up their posts in early September 2022, Truss and Kwarteng announced a raft of tax cuts in an unscheduled fiscal announcement that was described by analysts as "seismic." Both Truss and Kwarteng resigned over the turmoil after less than two months in their respective offices, and the majority of the measures were reversed.
Persons: Liz Truss, Kwasi Kwarteng, Kwarteng, Truss Organizations: Labour, Finance, U.S, Bank of England Locations: British
On Today’s Episode:Biden Called ‘More Receptive’ to Hearing Pleas to Step Aside, by Carl Hulse, Michael S. Schmidt, Reid J. Epstein, Peter Baker and Luke BroadwaterBiden Tests Positive for Covid, by Michael D. ShearJ.D. Vance Plants His Appalachian Roots in the 2024 Race, by Michael C. BenderAt R.N.C., Senators Berate Secret Service Director Over Assassination Attempt, by Jonathan SwanGunman’s Phone Had Details About Both Trump and Biden, F.B.I. Officials Say, by Glenn Thrush, Jack Healy and Luke BroadwaterA Blind Spot and a Lost Trail: How the Gunman Got So Close to Trump, by David A. Fahrenthold, Glenn Thrush, Campbell Robertson, Adam Goldman and Aric TolerAn Algorithm Told Police She Was Safe. Then Her Husband Killed Her, by Adam Satariano and Roser Toll Pifarré
Persons: Biden, , Carl Hulse, Michael S, Schmidt, Reid J, Epstein, Peter Baker, Luke Broadwater, Michael D, Michael C, Bender, Jonathan Swan, Glenn Thrush, Jack Healy, David A, Campbell Robertson, Adam Goldman, Aric, Adam Satariano Organizations: Vance, Trump, Biden, F.B.I
But there’s a small, powerful sect of Silicon Valley billionaires who are carving a path for the maybe-Trumpers and the MAGA-curious in the tech world. David Sacks, the billionaire tech investor, co-hosted a fundraiser last month at his San Francisco home and spoke at the Republican National Convention on Monday. In the last election cycle, the few Trump backers that existed in the Valley largely kept their support under the radar. Their numbers are still small, but they’re no longer hiding, and their wallets are open. And, as Kovacevich notes, just because there are a few big names turning toward Trump, “they’re not speaking for everybody.”“In fact, most of the big company CEOs aren’t terribly involved in partisan politics,” Kovacevich says.
Persons: CNN Business ’, Hillary Clinton, Joe Biden, MAGA, Elon Musk, Trump, David Sacks, San Francisco, Doug Leone, Palantir, Joe Lonsdale, what’s, Adam Kovacevich, , , Biden, Lina Khan, Joe Biden’s, Gary Gensler, who’s, Marc Andreessen, Ben Horowitz, Trump’s, hasn’t, they’ve, Reid Hoffman, Eric Schmidt, aren’t, ” Kovacevich, “ They’re Organizations: CNN Business, New York CNN, Silicon, Wall Street, Trump, America PAC, San, Republican National Convention, Sequoia Capital, Biden, of, Financial Times, SEC, Big Tech, LinkedIn, Google Locations: New York, Silicon
Representative Jamie Raskin of Maryland, a key member of the House committee that investigated the attack on the Capitol on Jan. 6, 2021, sent President Biden a four-page letter this month that compared the 81-year-old commander in chief to a tiring baseball pitcher and urged him to consult with fellow Democrats about whether to continue his campaign. Mr. Raskin opened his letter, which was dated July 6 and was obtained by The New York Times, by writing that he shared Mr. Biden’s “mad love for American democracy and freedom.”The letter, the authenticity of which Mr. Raskin confirmed on Thursday, begins with nearly three pages of lavish praise for Mr. Biden. Mr. Raskin writes that he wishes to “remind you of your true greatness as a leader” and spends several paragraphs recounting Mr. Biden’s legislative achievements and defense of democracy. But the crux of the letter is a four-paragraph metaphor comparing the president to the Boston Red Sox pitcher Pedro Martínez, a Hall of Famer who was left on the mound for the eighth inning of Game Seven of the 2003 American League Championship Series despite being tired. Mr. Martínez allowed three runs, tying the game before the Yankees won with a walk-off home run in the 11th inning that denied the Red Sox a trip to the World Series, which they had not won in 85 years.
Persons: Jamie Raskin, Biden, Raskin, Biden’s, Mr, , Pedro Martínez, Martínez Organizations: Maryland, Capitol, The New York Times, Boston Red Sox, Famer, Yankees, Red Sox
European Central Bank (ECB) president Christine Lagarde attends a press conference following the Governing Council's monetary policy meeting, in Frankfurt, Germany July 18, 2024. Jana Rodenbusch | ReutersThe European Central Bank left interest rates unchanged on Thursday, after implementing a cut in June. "Monetary policy is keeping financing conditions restrictive. The decision — which keeps the key interest rate at 3.75% — was widely expected amid ongoing concern over inflationary pressures, particularly from the labor market. Analysts expected the central bank to wait for more data across payrolls, economic growth and productivity before easing monetary policy further.
Persons: Christine Lagarde, Jana Rodenbusch, , Lagarde Organizations: European Central Bank, Reuters, ECB, U.S . Locations: Frankfurt, Germany,
Wealthy supporters of President Biden’s campaign have slammed their wallets closed, with support from major donors in July on track to plummet to roughly half of the previous month’s amount if he remains in the race, according to four people briefed on the campaign’s finances. The campaign had hoped to raise about $50 million from large donors into the Biden Victory Fund, which diverts money to the Biden campaign, the Democratic National Committee and the state Democratic parties. That was the amount that large donors gave in June, according to one of the people briefed on the matter. Mr. Biden raised $28 million in one night in June at a Hollywood fund-raiser that was hosted by the actor George Clooney. Last week, Mr. Clooney urged Mr. Biden to end his campaign.
Persons: Biden’s, Biden, George Clooney, Clooney, Mr Organizations: Biden, Fund, Democratic National Committee, Democratic
Democrats’ rebellion against President Biden intensified on Wednesday with the party’s congressional leaders lobbying successfully to delay his nomination by a week, prolonging the debate over the viability of his candidacy. The maneuver came as Representative Adam B. Schiff of California became the highest-profile Democratic lawmaker to call on Mr. Biden to end his run. More details have emerged of heated conversations the president has held with lawmakers in which he has angrily pushed back on their entreaties for him to drop out of the race. Mr. Biden’s disastrous debate performance last month, his uneven public appearances and his struggles in the polls have fueled deep worries within his party. Congressional Democrats have also warned that Mr. Biden’s sagging political standing will make it far harder for them to win critical House and Senate races in November.
Persons: Biden, Adam B, Schiff, Donald J, Trump, Biden’s Organizations: California, Capitol, Associated Press, University of Chicago, Congressional
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