In a surprising turn of events, President Joe Biden has announced his withdrawal from the 2024 presidential race, endorsing Vice President Kamala Harris as the Democratic nominee.

What Happened: Biden made his announcement via social media platform X, expressing his full support for Harris. He stated that choosing Harris as his vice president was his best decision as the party nominee in 2020.

"My fellow Democrats, I have decided not to accept the nomination and to focus all my energies on my duties as President for the remainder of my term," the statement read. "My very first decision as the party nominee in 2020 was to pick Kamala Harris as my Vice President. And it's been the best decision I've made. 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."

This endorsement from Biden is expected to significantly ease the fundraising process for the Biden-Harris campaign. Harris now stands as the Democratic frontrunner.

However, the structure of the Democratic National Convention remains uncertain. It's unclear whether Harris will receive the nomination outright or face competition in a more open convention.

Why It Matters: Biden's decision to step down and endorse Harris is a significant development in the 2024 presidential race. This move could potentially streamline the Democratic nomination process, giving Harris a clear path to the nomination. However, the uncertainty surrounding the structure of the Democratic National Convention could present challenges.

If Harris is to face competition in a more open convention, it could potentially divide the party and complicate the nomination process. On the other hand, if she receives the nomination outright, it could strengthen the party's unity and improve her chances in the general election.

This development could also have implications for the Biden-Harris campaign's fundraising efforts. Biden's endorsement could attract more donors, easing the fundraising process. However, it remains to be seen how this will play out in the coming months.

In any case, this announcement marks a significant shift in the 2024 presidential race, setting the stage for an interesting election season.