Sen. Joe Manchin (D-W.Va.) will not enter the 2024 presidential race, he announced in a speech at West Virginia University on Friday.

Why it matters: The announcement ends months of speculation over whether the West Virginia Democrat would mount a third-party bid for the White House.

What he's saying: Manchin said that while he will not be involved in a presidential run, "I will get involved in making sure that we secure a president who has the knowledge and has a passion and has the ability to bring this country together."

• He said he did not want to be a "spoiler" in Biden's likely rematch against Trump.
• "I just don't think it's the right time," he said. "Democracy is at stake right now."

Zoom out: Manchin's announcement to forgo an independent bid, as well as Maryland Gov. Larry Hogan's decision to run for the Senate, will bring renewed scrutiny on former Utah Governor Jon Huntsman and his plans for 2024, Axios' Hans Nichols writes.

• Huntsman participated in a No Labels town hall with Manchin in July in New Hampshire. He has yet to announce a decision about a potential third-party bid.

Of note: When Manchin indicated a presidential bid as a third-party candidate, the centrist group No Labels backed him.

• In a statement Friday, the group's national co-chairs former Sen. Joe Lieberman, Benjamin F. Chavis, Jr. and former North Carolina Gov. Pat McCrory said they welcome Manchin's efforts to strengthen "a movement for America's commonsense majority."
• "No Labels is currently speaking with several exceptional leaders about serving on the presidential Unity ticket," they said, adding that they'll announce in the coming weeks whether they'll lend their support to a ticket.

Zoom in: Manchin for months had indicated he was seriously considering dropping his affiliation with the Democratic Party and becoming an independent.

• He distanced himself from Biden and fellow Democrats, repudiating parts of the Inflation Reduction Act and threatening to oppose the president's Environmental Protection Agency nominees.

Editor's note: This is a breaking news story. Please check back for updates.