Biden announced he's ending his bid for the presidency via X (formerly twitter).
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No, they don't. The Democratic Party can give the donated money to whoever is the candidate. Not sure where people are getting that.
Edit: After reading up, I am mistaken kind of. If Harris is still the VP candidate, the money could be used. Otherwise a PAC would have to be setup to funnel money to the candidate...maybe. Bloomberg was simply able to transfer his campaign funds directly to the DNC since it was part of his campaign money...even though the vast majority of it was his own money.
The money Biden has raised directly however can only go to the people that were on his ticket at the time the donation was made
That's correct, but nearly none of the money is the direct donation stuff - it's almost in PACs which are (due to a legal fiction) entirely independent of the candidate.
There are still more restrictions however on spending on other candidates and they would have to act like any other PAC, only helping via donating/running ads in support of (but importantly not directly by) any other candidate.
The $100 million warchest belongs to the Biden/Harris campaign, not the Democratic Party. They are separate organizations, and Biden/Harris only answers to Biden and Harris.
The DNC has its own funds of course, but nowhere near as much. And DNC funds are supposed to be shared with multiple Democrats, not just the one running for president.
And notably even if Biden/Harris were supporting the alternative, they're an outside group. They can spend like a super PAC, but can't pay bills or do direct advertising.