Fortune

"I believe it is in the best 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." President Biden said Sunday that he would withdraw as the Democratic Party’s presumptive nominee following weeks of criticism after a poor debate performance and a revolt from high-profile Democratic donors. In a letter posted on his X account, Biden recounted his accomplishments while in office and said he would address the nation “later this week.” Read more: https://lnkd.in/exN5yyi8

Joe Biden has dropped out of the 2024 presidential election. His decision to withdraw comes after weeks of criticism and calls for him to step aside. Biden endorsed vice president Kamala Harris in a post on X. He plans to address the nation later this week.

President Biden said Sunday that he would withdraw as the Democratic Party’s presumptive nominee following weeks of criticism after a poor debate performance and a revolt from high-profile Democratic donors. In a letter posted on his X account, Biden recounted his accomplishments while in office and said he would address the nation “later this week.” In a subsequent post, he endorsed Vice President Kamala Harris, with the Democratic National Convention just weeks away. She has become an appealing option for donors and lawmakers. Read more: https://lnkd.in/exN5yyi8

President Biden said Sunday that he would withdraw as the Democratic Party’s presumptive nominee. The decision follows weeks of criticism after a poor debate performance and a revolt from high-profile Democratic donors. In a letter posted on his X account, Biden recounted his accomplishments while in office and said he would address the nation “later this week.” He didn’t endorse Vice President Kamala Harris, and it’s unclear who would replace Biden on the Democratic ticket with the Democratic National Convention just weeks away. Read more: https://lnkd.in/exN5yyi8

President Biden said Sunday that he would withdraw as the Democratic Party’s presumptive nominee following weeks of criticism after a poor debate performance and a revolt from high-profile Democratic donors. In a letter posted on his X account, Biden recounted his accomplishments while in office and said he would address the nation “later this week.” “It has been the greatest honor of my life to serve as your President,” he wrote. “And while it has been my intention to seek reelection, I believe it is in the best 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.” Read more: https://lnkd.in/exN5yyi8

The Paris Olympics will be a milestone. It’ll be the first time in the Olympics’ 128-year history that track and field winners will receive prize money, in addition to having their names etched in the sport’s history. The move, announced in April, will see the International Olympic Committee (IOC) earmarking $2.4 million of its revenue share towards the $50,000 reward for gold medalists at each of the 48 athletic events. It’s been a contentious step—some critics have said that monetary resources must be directed to promoting athletics at the grassroots level and that the reward takes away from the spirit of the championship while potentially creating a divide between other sporting events. Read more: https://lnkd.in/eCp3vb5y

“No tech in the history of all technology has reduced employment.” The CEO of the Federal Reserve Bank of San Francisco gave an upbeat view on artificial intelligence’s impact on jobs, noting that while businesses are still figuring out how to get the most out of the technology, she saw early indications that AI is helping workers more than harming them. Mary C. Daly, who oversees a Federal Reserve bank region that includes Silicon Valley among its nine Western states, weighed in on the state of the labor market on Monday at the Fortune #BrainstormTech conference, but declined to give a hint on when the next rate cut may come. Read more here: bit.ly/3ygzcpg

The nearly complete fossilized remains of a stegosaurus fetched $44.6 million at auction Wednesday, Sotheby’s said. Billionaire investor Ken Griffin made the winning bid, according to the Wall Street Journal and CNBC. The fossil, dubbed “Apex,” is considered to be among the most complete ever found, according to the auction house. “Apex was born in America and is going to stay in America!” Griffin said after the sale. Read more: https://lnkd.in/eRRmxphm

“I think AI will play a huge part in the operation of our airplanes—for better fuel economy, for predictive maintenance." AI will improve your flying experience “dramatically” and lower costs, according to Breeze Airways™ and JetBlue founder David Neeleman told #BrainstormTech. “So, we can predict when parts are going to fail quicker, so we have less cancellations, and more connected apps that understand you and know you better," NeelemanI said. "I think AI is going to change the customer experience dramatically, make it better and we’ll communicate better with our customers and lower our marketing costs.” Read more: https://lnkd.in/eGtyku8F

L.L. Bean created it 80 years ago to haul heavy blocks of ice. Now it’s a must-have summer fashion accessory. The simple, sturdy canvas bag called the Boat and Tote is having an extended moment 80 years after its introduction, thanks to a social media trend in which they’re monogrammed with ironic or flashy phrases. Read more: https://lnkd.in/eSuy9Qwq