Watch live: President Obama makes statement on Donald Trump's victory

President Barack Obama is set to make a statement on Republican presidential nominee Donald Trump's victory.

The White House said the president spoke with the billionaire businessman on the phone Wednesday morning to congratulate him, and reportedly invited Trump to meet with him at the White House on Thursday.

Democratic presidential nominee Hillary Clinton conceded the 2016 contest to President-elect Donald Trump following the biggest presidential election upset in U.S. history.

Trump delivered a victory speech after Clinton's call to a crowd in New York at the Hilton Midtown.

Newspapers around the world react to Trump's win