President Joe Biden announced his intention to “stand down” and not seek reelection, instead focusing his attention on the remainder of his term.

Biden’s performance in his debate with former President Donald Trump drew criticism and concern across the spectrum, with many saying it raised questions about his competency. Despite initially saying he would stay in the race, Biden has reversed course and will no longer seek reelection.

Biden revealed the news in a letter posted to X:

My Fellow Americans,

Over the past three and a half years, we have made great progress as a Nation.

Today, America has the strongest economy in the world. We’ve made historic investments in rebuilding our Nation, in lowering prescription drug costs for seniors, and in expanding affordable health care to a record number of Americans. We’ve provided critically needed care to a million veterans exposed to toxic substances. Passed the first gun safety law in 30 years. Appointed the first African American woman to the Supreme Court. And passed the most significant climate legislation in the history of the world. American has never been better positioned to lead than we are today.

I know none of this could have been done without you, the American people. Together, we overcame a once in a century pandemic and the worse economic crisis since the Great Depression. We’ve protected and preserved our Democracy. And we’ve revitalized and strengthened our alliances around the world.

It has been the greatest honor of my life to serve as your President. 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.

I will speak to the Nation later this week in more detail about my decision.

For now, let me express my deepest gratitude to all those who have worked so hard to see me reelected. I want to thank Vice President Kamala Harris for being an extraordinary partner in all this work. And let me express my heartfelt appreciation to the American people for the faith and trust you have placed in me.

I believe today what I always have: that there is nothing America can’t do—when we do it together. We just have to remember we are the United States of America.

Joe Biden

Many in the tech industry will be watching developments closely in the coming months. A hallmark feature of the Biden administration has been a crackdown on Big Tech. Regardless of who becomes the next President, it could mean profound changes in how Big Tech is regulated.