Donald Trump projected to be the next president of the United States

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Donald Trump is projected to win the electoral votes necessary to become the next president of the United States, according to the Associated Press.

The billionaire businessman bested Democratic nominee Hillary Clinton in a stunning upset after entering Election Day as the underdog.

Clinton conceded to Trump over the phone shortly before his early morning victory speech, less than an hour after campaign chairman John Podesta addressed her supporters the Javits Center in Manhattan saying they were not ready to give up on the race.

SEE MORE: In-depth coverage of the 2016 election

In a notably humble tone, Trump congratulated Clinton for running a tough campaign in his victory speech, saying, "We owe [Clinton] a major debt of gratitude for her service to our country."

Trump also thanked members of his campaign, giving shoutouts to Rudy Giuliani, Chris Christie, Jeff Sessions, Ben Carson and Mike Huckabee. Trump called Reince Priebus, chairman of the Republican National Committee, "a very special person who believed me" and "an unbelievable star."

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Donald Trump becomes president-elect of the United States
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Donald Trump becomes president-elect of the United States

U.S. President-elect Donald Trump speaks at his election night rally in Manhattan, New York, U.S., November 9, 2016.

(REUTERS/Carlo Allegri)

Donald Trump supporters cheer as U.S. presidential election results are announced during a Republican watch party in Phoenix, Arizona, November 8, 2016.

(REUTERS/Nancy Wiechec)

Republican president-elect Donald Trump delivers his acceptance speech during his election night event at the New York Hilton Midtown in the early morning hours of November 9, 2016 in New York City. Donald Trump defeated Democratic presidential nominee Hillary Clinton to become the 45th president of the United States.

(Photo by Chip Somodevilla/Getty Images)

Republican presidential elect Donald Trump (L) arrives to speak during election night at the New York Hilton Midtown in New York on November 9, 2016. / AFP / JIM WATSON (Photo credit should read JIM WATSON/AFP/Getty Images)

President-elect Donald Trump, shakes hands with Vice-President-elect Mike Pence during his election night rally, Wednesday, Nov. 9, 2016, in New York.

(AP Photo/John Locher)

U.S. President-elect Donald Trump and his campaign manager Kellyanne Conway greet supporters during his election night rally in Manhattan, New York, U.S., November 9, 2016.

(REUTERS/Mike Segar/TPX IMAGES OF THE DAY)

Supporters of Republican presidential candidate Donald Trump cheer as they watch election returns during an election night rally, Tuesday, Nov. 8, 2016, in New York.

(AP Photo/ Evan Vucci)

Eric Trump and Donald Trump Jr. look on as Republican presidential elect Donald Trump speaks during election night at the New York Hilton Midtown in New York on November 9, 2016.

(JIM WATSON/AFP/Getty Images)

US President-elect Donald Trump arrives at the New York Hilton Midtown in New York on November 8, 2016. Trump stunned America and the world Wednesday, riding a wave of populist resentment to defeat Hillary Clinton in the race to become the 45th president of the United States.

(SAUL LOEB/AFP/Getty Images)

Republican U.S. presidential nominee Donald Trump greets supporters at his election night rally in Manhattan, New York, U.S., November 9, 2016.

(REUTERS/Carlo Allegri)

Vice president-elect Mike Pence speaks to supporters at Republican president-elect Donald Trump's election night event at the New York Hilton Midtown in the early morning hours of November 9, 2016 in New York City. Donald Trump defeated Democratic presidential nominee Hillary Clinton to become the 45th president of the United States.

(Photo by Joe Raedle/Getty Images)

Republican president-elect Donald Trump walks on stage with his son Barron Trump, wife Melania Trump and Ivanka Trump during his election night event at the New York Hilton Midtown in the early morning hours of November 9, 2016 in New York City. Donald Trump defeated Democratic presidential nominee Hillary Clinton to become the 45th president of the United States.

(Photo by Chip Somodevilla/Getty Images)

A supporter celebrates as returns come in for Republican U.S. presidential nominee Donald Trump during an election night rally in Manhattan, New York, U.S., November 8, 2016.

(REUTERS/Mike Segar)

Chairman of the Republican National Committee (RNC) Reince Priebus hugs Republican presidential elect Donald Trump during election night at the New York Hilton Midtown in New York on November 9, 2016.

(JIM WATSON/AFP/Getty Images)

Former New York City Mayor Rudolph Giuliani arrives on stage with his wife Judith Nathan as U.S. President-elect Donald Trump addressed supporters at his election night rally in Manhattan, New York, U.S., November 9, 2016.

(REUTERS/Brendan McDermid)

US President-elect Donald Trump greets son Eric after speaking at the New York Hilton Midtown in New York on November 8, 2016. Trump stunned America and the world Wednesday, riding a wave of populist resentment to defeat Hillary Clinton in the race to become the 45th president of the United States.

(SAUL LOEB/AFP/Getty Images)

Vice president-elect Mike Pence walks on stage with his wife Karen Pence at Republican president-elect Donald Trump election night event at the New York Hilton Midtown in the early morning hours of November 9, 2016 in New York City. Americans went to the polls yesterday to choose between Republican presidential nominee Donald Trump and Democratic presidential nominee Hillary Clinton as they go to the polls to vote for the next president of the United States.

(Photo by Joe Raedle/Getty Images)

US President-elect Donald Trump arrives with his son Baron and wife Melania at the New York Hilton Midtown in New York on November 8, 2016. Trump stunned America and the world Wednesday, riding a wave of populist resentment to defeat Hillary Clinton in the race to become the 45th president of the United States.

(SAUL LOEB/AFP/Getty Images)

U.S. President-elect Donald Trump, speaks an election night party at the Hilton Midtown hotel in New York, U.S., on Wednesday, Nov. 9, 2016. Trump was elected the 45th president of the United States in a repudiation of the political establishment that jolted financial markets and likely will reorder the nation's priorities and fundamentally alter America's relationship with the world.

(Photographer: Andrew Harrer/Bloomberg via Getty Images)

Melania Trump and Ivanka Trump look on as Republican presidential elect Donald Trump speaks during election night at the New York Hilton Midtown in New York on November 9, 2016.

(JIM WATSON/AFP/Getty Images)

U.S. President-elect Donald Trump arrives to speak during an election night party at the Hilton Midtown hotel in New York, U.S., on Wednesday, Nov. 9, 2016. Trump racked up victory after victory in key states Tuesday to put himself in position to threaten Hillary Clinton for the White House, with the results in three Rust-Belt states likely to determine the next U.S. president.

(Photographer: Andrew Harrer/Bloomberg via Getty Images)

Republican president-elect Donald Trump delivers his acceptance speech during his election night event at the New York Hilton Midtown in the early morning hours of November 9, 2016 in New York City. Donald Trump defeated Democratic presidential nominee Hillary Clinton to become the 45th president of the United States.

(Photo by Chip Somodevilla/Getty Images)

President-elect Donald Trump gives his acceptance speech during his election night rally, Wednesday, Nov. 9, 2016, in New York.

(AP Photo/John Locher)

Attendees cheer during an election night party for U.S. President-elect Donald Trump at the Hilton Midtown hotel in New York, U.S., on Wednesday, Nov. 9, 2016. Trump was elected the 45th president of the United States in a repudiation of the political establishment that jolted financial markets and likely will reorder the nation's priorities and fundamentally alter America's relationship with the world.

(Photographer: Andrew Harrer/Bloomberg via Getty Images)

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Despite repeatedly receiving criticism throughout his campaign for taking what some described as a devisive tone, Trump took a graceful and conciliatory tone in his address to the nation.

"While the campaign is over, our work on this movement is really just beginning," he said to the cheering crowd of supporters.

Trump pledged to bring the country together following the historically contentious campaign. "I pledge to be a president for all Americans," said Trump. "Working together, we will begin the urgent task of rebuilding our nation and renewing the American dream."

Trump defied nearly all polls by flipping multiple states President Obama won in both of his presidential campaigns in 2008 and 2012 including Ohio, Florida and Iowa. He also carried North Carolina, a state Obama won in 2008 but lost to Mitt Romney in 2012.

Trump jumped out to an early lead, picking up victories in Indiana, Kentucky, West Virginia and South Carolina. Vermont was the first state to go to Clinton.

The GOP nominee quickly pulled further ahead after capturing must-win Republican stronghold states like Texas, Kansas, Louisiana and Nebraska. Trust in the polling leading up to Election Day took a hit early when Virginia, a state many polls comfortably placed in the winning column for Clinton, turned out to be far closer than previously projected.

Trump entered Election Day with only a 28.6 percent chance of winning according to FiveThirtyEight. As the night progressed, and Trump continued to rack up Electoral College votes, election forecasts from The New York Times and FiveThirtyEight started to sharply lean toward a Trump victory.

Clinton led nationally 46.6 percent to Trump's 43.3 percent in Real Clear Politics' polling average before Election Day.

The financial markets reacted quickly as Trump's victory became more apparent, with S&P futures ESc1 down more than 4 percent and Dow Industrials futures falling more than 700 points.

Mexico's peso plunged to its lowest-ever levels as Trump's chances of winning the presidency increased. Concerns of a Trump victory have weighed heavily on the peso for months because of his threats to rip up a free trade agreement with Mexico and tax money sent home by migrants to finance building a wall on the southern U.S. border.

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Inside both Trump and Clinton's NYC election night events
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Inside both Trump and Clinton's NYC election night events
NEW YORK, NY - NOVEMBER 8: Men walk backstage at the Republican presidential nominee Donald Trump's Election Night event at New York Hilton Midtown in New York City on Nov. 8, 2016. (Photo by Jessica Rinaldi/The Boston Globe via Getty Images)
NEW YORK, NY - NOVEMBER 08: A screen is positioned in front of buildings ahead of Democratic presidential nominee former Secretary of State Hillary Clinton's election night event outside the Jacob K. Javits Convention Center November 8, 2016 in New York City. Clinton is running against Republican nominee, Donald J. Trump to be the 45th President of the United States. (Photo by Aaron P. Bernstein/Getty Images)
Workers iron a US flag as they prepare the US map shaped stage for Democratic presidential candidate Hillary Clinton's election night event at the Jacob K. Javits Convention Center in New York on November 8, 2016. Eager voters crowded into polling stations to choose a new US president Tuesday after a wild and bitter contest between the billionaire populist Donald Trump and Hillary Clinton, the Democrat seeking to become the first woman to win the White House. / AFP / Jewel SAMAD (Photo credit should read JEWEL SAMAD/AFP/Getty Images)
NEW YORK CITY - NOVEMBER 8: Trump campaign paraphernalia is seen behind a velvet rope at Donald Trump's Election Night event at the New York Hilton Midtown in New York City on Nov. 8, 2016. (Photo by Jessica Rinaldi/The Boston Globe via Getty Images)
A supporter wearing a cape watches Democratic presidential nominee Hillary Clinton's election night rally in the Jacob Javits Center glass enclosed lobby in New York, Tuesday, Nov. 8, 2016. (AP Photo/David Goldman)
A Trump supporter waits for the Trump rally to begin at the Hilton Hotel during the U.S. presidential election in New York City, New York, U.S. November 8, 2016. REUTERS/Andrew Kelly
NEW YORK, NY - NOVEMBER 08: Preperations take place before Republican presidential nominee Donald Trump holds his election night event at the New York Hilton Midtown on November 8, 2016 in New York City. Americans today will choose between Republican presidential nominee Donald Trump and Democratic presidential nominee Hillary Clinton as they go to the polls to vote for the next president of the United States. (Photo by Chip Somodevilla/Getty Images)
Supporters cheer as they watch election returns during Democratic presidential nominee Hillary Clinton's election night rally in the Jacob Javits Center glass enclosed lobby in New York, Tuesday, Nov. 8, 2016. (AP Photo/David Goldman)
People begin to arrive outside the Jacob Javits Center for Democratic presidential candidate Hillary Clinton's rally in New York, Tuesday, Nov. 8, 2016. (AP Photo/Craig Ruttle)
People watch elections returns during election night at the Jacob K. Javits Convention Center in New York on November 8, 2016. US Democratic presidential nominee Hillary Clinton will hold her election night event at the convention center. / AFP / DON EMMERT (Photo credit should read DON EMMERT/AFP/Getty Images)
A 'Make America Great Again' sign is displayed ahead of an election night party for 2016 Republican Presidential Nominee Donald Trump at the Hilton Midtown hotel in New York, U.S., on Tuesday, Nov. 8, 2016. Fifty-one percent of voters nationally were bothered a lot by Trump's treatment of women, while Democrat Hillary Clinton's use of private e-mail while secretary of state was troubling to 44 percent, according to preliminary exit polling as voting neared a close in some states. Photographer: Andrew Harrer/Bloomberg via Getty Images
NEW YORK, NY - NOVEMBER 08: A supporter of Republican presidential nominee Donald Trump attends the election night event at the New York Hilton Midtown on November 8, 2016 in New York City. Americans today will choose between Republican presidential nominee Donald Trump and Democratic presidential nominee Hillary Clinton as they go to the polls to vote for the next president of the United States. (Photo by Spencer Platt/Getty Images)
Supporters celebrate during Democratic presidential nominee Hillary Clinton's election night rally in the Jacob Javits Center glass enclosed lobby in New York, Tuesday, Nov. 8, 2016. (AP Photo/Frank Franklin II)
NEW YORK CITY - NOVEMBER 8: A Donald Trump supporter takes a picture of the press pen at Republican presidential nominee Donald Trumps election night event at the New York Hilton Midtown in New York City on Nov. 8, 2016. (Photo by Jessica Rinaldi/The Boston Globe via Getty Images)
A supporter holds a sign at the election night rally for U.S. Democratic presidential nominee Hillary Clinton at the Jacob K. Javits Convention Center in Manhattan, New York, U.S., on November 8, 2016. REUTERS/Lucas Jackson
'Hispanics For Trump' signs sit on a table ahead an election night party for 2016 Republican Presidential Nominee Donald Trump at the Hilton Midtown hotel in New York, U.S., on Tuesday, Nov. 8, 2016. Fifty-one percent of voters nationally were bothered a lot by Trump's treatment of women, while Democrat Hillary Clinton's use of private e-mail while secretary of state was troubling to 44 percent, according to preliminary exit polling as voting neared a close in some states. Photographer: Andrew Harrer/Bloomberg via Getty Images
NEW YORK, NY - NOVEMBER 08: A supporter of Republican presidential nominee Donald Trump cheers during his election night event at the New York Hilton Midtown on November 8, 2016 in New York City. Americans today will choose between Republican presidential nominee Donald Trump and Democratic presidential nominee Hillary Clinton as they go to the polls to vote for the next president of the United States. (Photo by Spencer Platt/Getty Images)
NEW YORK, NY - NOVEMBER 08: Eva Pearson of Long Island, NY holds her hands to her face as she watches voting results at Democratic presidential nominee former Secretary of State Hillary Clinton's election night event at the Jacob K. Javits Convention Center November 8, 2016 in New York City. Clinton is running against Republican nominee, Donald J. Trump to be the 45th President of the United States. (Photo by Win McNamee/Getty Images)
NEW YORK, NY - NOVEMBER 08: Democratic presidential nominee former Secretary of State Hillary Clinton is projected on a screen on election night at the Jacob K. Javits Convention Center November 8, 2016 in New York City. Clinton is running against Republican nominee, Donald J. Trump to be the 45th President of the United States. (Photo by Drew Angerer/Getty Images)
Woman hold ups up boxing gloves while cheering during an election night party for 2016 Democratic Presidential Candidate Hillary Clinton at the Javits Center in New York, U.S., on Tuesday, Nov. 8, 2016. Fifty-one percent of voters nationally were bothered a lot by Republican Donald Trump's treatment of women, while Clinton's use of private e-mail while secretary of state was troubling to 44 percent, according to preliminary exit polling as voting neared a close in some states. Photographer: John Taggart/Bloomberg via Getty Images
Two women chat ahead of Republican Donald Trump's election night event at the New York Hilton Midtown in New York on November 8, 2016. Millions of Americans turned out Tuesday to decide whether to send Democrat Hillary Clinton to the White House as their first woman president or to put their trust in Republican maverick populist Donald Trump. / AFP / Timothy A. CLARY (Photo credit should read TIMOTHY A. CLARY/AFP/Getty Images)
Guests watch a screen proclaiming Democratic presidential candidate Hillary Clinton as winning the state of Illinois at the election night rally at the Jacob K. Javits Convention Center in New York, U.S., November 8, 2016. REUTERS/Rick Wilking
Supporters of Republican presidential nominee Donald Trump watch news reports as results come in during election night at the New York Hilton Midtown in New York on November 8, 2016. Democratic candidate Hillary Clinton and Donald Trump were running neck and neck Tuesday in early results as polling stations closed in the eastern United States, with the world waiting anxiously to see who will win the historic White House clash. A deeply divided electorate of about 200 million Americans were asked to make a momentous choice between electing the nation's first woman president, or handing the reins of power to a billionaire populist who has upended US politics with his improbable outsider campaign. / AFP / Timothy A. CLARY (Photo credit should read TIMOTHY A. CLARY/AFP/Getty Images)
A guest reacts as she watches results on a television screen during Democratic presidential nominee Hillary Clinton's election night rally in the Jacob Javits Center glass enclosed lobby in New York, Tuesday, Nov. 8, 2016. (AP Photo/Matt Rourke)
A man reacts to returns at Democratic U.S. presidential nominee Hillary Clinton's election night rally the Jacob K. Javits Convention Center in New York, U.S., November 8, 2016. REUTERS/Adrees Latif
Marvin DeLeon (L) of Washington County, NY, cries as he stands in the overflow crowd for Democratic U.S. presidential nominee Hillary Clinton's election night rally at the Jacob K. Javits Convention Center in New York, U.S. November 8, 2016. REUTERS/Mark Kauzlarich
NEW YORK, NY - NOVEMBER 08: Supporters of Republican presidential nominee Donald Trump watch early results during the election night event at the New York Hilton Midtown on November 8, 2016 in New York City. Americans today will choose between Republican presidential nominee Donald Trump and Democratic presidential nominee Hillary Clinton as they go to the polls to vote for the next president of the United States. (Photo by Chip Somodevilla/Getty Images)
Supporters of Republican presidential nominee Donald Trump watch news reports as results come in during election night at the New York Hilton Midtown in New York on November 8, 2016. Democratic candidate Hillary Clinton and Donald Trump were running neck and neck Tuesday in early results as polling stations closed in the eastern United States, with the world waiting anxiously to see who will win the historic White House clash. A deeply divided electorate of about 200 million Americans were asked to make a momentous choice between electing the nation's first woman president, or handing the reins of power to a billionaire populist who has upended US politics with his improbable outsider campaign. / AFP / Timothy A. CLARY (Photo credit should read TIMOTHY A. CLARY/AFP/Getty Images)
Supporters of Republican presidential nominee Donald Trump watch results unfold on a TV screen during election night at the New York Hilton Midtown in New York on November 8, 2016. / AFP / Mandel NGAN (Photo credit should read MANDEL NGAN/AFP/Getty Images)
Supporters of Republican presidential nominee Donald Trump react to unfolding results during election night at the New York Hilton Midtown in New York on November 8, 2016. / AFP / Mandel NGAN (Photo credit should read MANDEL NGAN/AFP/Getty Images)
Supporters of US Democratic presidential nominee Hillary Clinton watch elections results during election night at the Jacob K. Javits Convention Center in New York on November 8, 2016. / AFP / DON EMMERT (Photo credit should read DON EMMERT/AFP/Getty Images)
Supporters of democratic presidential nominee Hillary Clinton react to early poll results during election night at the Jacob K. Javits Convention Center in New York on November 8, 2016. / AFP / Robyn BECK (Photo credit should read ROBYN BECK/AFP/Getty Images)
A woman weeps as election results are reported during Democratic presidential nominee Hillary Clinton's election night rally in the Jacob Javits Center glass enclosed lobby in New York, Tuesday, Nov. 8, 2016. (AP Photo/Frank Franklin II)
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BY: WILLIAM STEAKIN

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