Gene Sperling resigned as Joe Biden's senior economic adviser on Monday, following a global stock market plunge.
The ‘Magnificent Seven' tech giants will shed $1 trillion in value, with Apple and Nvidia leading the sell-off. The Dow Jones Industrial Average also fell by more than 1,000 points.The Nikkei Index in Japan dropped by 4,451 points, its largest single-day loss since 1987.
Sperling, who will join Kamala Harris’ election campaign as a senior economic adviser, leaves his post amid criticism of the pandemic aid package he managed. Critics argue it contributed to rising inflation and increased living costs.
Sperling previously served as director of the White House National Economic Council under both Bill Clinton and Barack Obama. He had a history of working with Harris from her time as California attorney general and throughout her Senate career. His departure also comes as financial markets react to concerns over the U.S. economy’s performance following a weaker-than-expected jobs report.
Read Biden’s statement on his departure here.
