Joe Biden has ended his bid for re-election saying it was in the " best interest" of the US for him to stand down.
He endorsed his Vice President, Kamala Harris, to stand in his place.
The decision comes after weeks of pressure from party figures and supporters after a disastrous televised debate between the President and Donald Trump triggered questions about his fitness for the job.
81-year-old Mr Biden often appeared frail, hesitant, and confused and struggled to argue against his rival.
The questions over his health only intensified this month when at a meeting of NATO he mistakenly referred to Ukrainian President Volodymyr Zelensky as “President Putin."
In a letter to Americans, shared on social media, Mr Biden said the US had "made great progress" during his time in the White House.
"It has been the greatest honour 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," he said.
The President added that he planned to serve out the remainder of his term in office, which ends at noon on January 20, 2025.
Mr Biden, who remains at his Delaware beach house after being diagnosed with Covid-19 last week, said he would speak to the nation later this week in more detail about his decision
— Joe Biden (@JoeBiden) July 21, 2024
Mr Trump, in a social media post, said that if Mr Biden was not fit to run, he should stand down as President.
He wrote: "Crooked Joe Biden was not fit to run for President, and is certainly not fit to serve - And never was!
"He only attained the position of President by lies, Fake News, and not leaving his Basement. All those around him, including his Doctor and the Media, knew that he wasn’t capable of being President, and he wasn’t.
"And now, look what he’s done to our Country, with millions of people coming across our Border, totally unchecked and unvetted, many from prisons, mental institutions, and record numbers of terrorists.
"We will suffer greatly because of his presidency, but we will remedy the damage he has done very quickly," he added.
(Image: PA)
No sitting president has dropped out of a race so close to election day.
The closest precedent would be Lyndon B Johnson who announced in March 1968 that he would not seek another term.
Democrats are due to meet in Chicago next month to formally nominate a candidate.
Mr Biden won the vast majority of delegates and every nominating contest but one, which would have made his nomination a formality.
Now that he has dropped out, those delegates will be free to support another candidate.
Ms Harris is likely to be the nominee, in large part, because federal campaign rules mean she is the only candidate who can directly tap into the millions of dollars raised by Mr Biden campaign.
She has also won the backing of several senior figures within the party.
In a statement, Bill and Hilary Clinton threw their weight behind the Vice President.
“We join millions of Americans in thanking President Biden for all he has accomplished, standing up for America time and again, with his North Star always being what's best for the country.
“We are honored to join the President in endorsing Vice President Harris and will do whatever we can to support her.
“We've lived through many ups and downs, but nothing has made us more worried for our country than the threat posed by a second Trump term.
He has promised to be a dictator on day one, and the recent ruling by his servile Supreme Court will only embolden him to further shred the Constitution.
“Now is the time to support Kamala Harris and fight with everything we've got to elect her. America's future depends on it."
Prime Minister, Sir Keir Starmer said he respected the President’s decision.
Writing on X, he said: “I look forward to us working together during the remainder of his presidency.
“I know that, as he has done throughout his remarkable career, he will have made his decision based on what he believes is best for the American people.”
First Minister John Swinney described Mr Biden's decision as selfless.
Posting on X, he said: "Joe Biden has served the people of the USA with devotion and total commitment. Now, in a typically selfless act, he steps aside to do what he thinks is right for his people.
"He came to Scotland for COP26 and made a powerful contribution. He has our best wishes for the future."
Irish premier Simon Harris praised Mr Biden’s “friendship” to Ireland.
The Taoiseach said Mr Biden had expressed a “fierce pride” in his Irish ancestry and had acted as a voice for “reason, effective multilateralism and shared solutions”.
Mr Harris added: “Joe Biden, in all the offices he has held, has always been an unwavering voice and passionate worker for peace on the island of Ireland and our country owes him a great debt for this.
“On a personal level, President Biden is a proud American with an Irish soul. When he arrived into Belfast, Louth and Mayo last year he himself said it was like coming home.
“The outpouring of love and support from the public, even in the pouring Irish rain, from Carlingford to Ballina was testament to how highly the President is held in his ancestral home.”
Former foreign secretary James Cleverly thanked Joe Biden for being “a great friend to the UK”.
In a post on X, formerly Twitter, he said: “It was a pleasure meeting President Biden as foreign secretary on his visits to the UK, especially at the signing of the book of condolence for Her Late Majesty.
“Thank you for being a great friend to the UK as our two governments defended freedom and democracy around the world.”
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