The President of United States of America, Joe Biden has reportedly stepped down from the presidential election.

In a statement on Sunday, Biden said it is his intention to seek re-election as president, but his decision to quit the race is in the interest of his party and country.

"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. 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," he said.