Election 2024 updates: Harris makes 1st public appearance since ...

Major Democratic donor, businessman and one-time presidential candidate Michael Bloomberg is urging the Democratic Party to take a step back and "take the pulse of voters" before determining "who is best positioned to win in November," saying "the decision is too important to rush."

"Democrats now have a chance for a fresh new start, and while some elected leaders and party officials make their endorsements, there are still four weeks before the party's more than 4,000 delegates convene in Chicago," Bloomberg posted Monday on X.

"That is more than enough time for the party to take the pulse of voters, especially in battleground states, to determine who is best positioned to win in November and lead the country over the next four years," Bloomberg continued. "We don’t need to get a resolution right away, but we do need to get it right. The decision is too important to rush, because the election is too important to lose."

Bloomberg also praised President Joe Biden for stepping down, calling it "an act of selflessness that only a great patriot would do."

-ABC News' Peter Charalambous and Soorin Kim