Watch President Barack Obama's speech after Donald Trump wins presidential election

President Barack Obama spoke Wednesday following Donald Trump's historic presidential election win on Tuesday night.

In his speech, President Barack Obama spoke about the importance of having a successful transition of power. "We are now all rooting for success in uniting and leading the country. The peaceful transition of power is one of the hallmarks of our democracy."

The president also commented on Hillary Clinton, expressing that he was proud of the candidate and her campaign. "She has lived an extraordinary life of public service," the president said. "Her candidacy and nomination was historic and sends a message to our daughters all across the country that they can achieve at the highest level of politics and I'm absolutely confident that she and President Bill Clinton will continue to do great work for people here in the United States and all around the world."

Obama also commented on the need for unity after the election. "Everybody is sad when their side loses an election. But the day after, we have to remember that we're actually all on one team."