When it finally happened, it felt both inevitable, and unfathomable.

President Biden was out of the 2024 presidential race.

Shortly after making that announcement, he threw his support behind his vice president, Kamala Harris, to be the next Democratic nominee.

Mr. Biden had finally fulfilled his promise to be a bridge to the next generation — albeit under enormous pressure.

Ms. Harris issued a statement later in the day, saying that she was honored to have received President Biden’s endorsement and that she intends to “earn and win” the nomination.

Today, in a special episode of The Run-Up, a top democratic donor discusses what ultimately toppled the Biden campaign and a colleague gives us an inside look at where Democrats go next.

On today's show:

Robert Wolf, a Democratic donor

Reid Epstein, a politics correspondent for The New York Times.

Do you have a question about the 2024 election? We want to hear from you. Fill out this form or email us at therunup@nytimes.com