But even as he acknowledged that, he continued to complain that the election result was the result of massive fraud and that any move to confirm Biden's victory would be a mistake.
However, Trump appears to know that he has run out of road. He has no viable political or legal options left.
Notably, when asked if he would voluntarily leave the White House after the Electoral College certifies the result on December 14th, he said "Certainly I will, and you know that."
This was the first time he has answered reporters' questions since the election more than three weeks ago.
At the same time, he implied there would be surprises between now and the Electoral College certification. "There is a long way to go," he declared, adding that this might not be his last Thanksgiving in the White House.
The only way that statement could be true is if he runs for re-election in 2024 and wins another term.
All week, while America's focus has been on the pandemic and the Thanksgiving holiday, Trump has been railing against the result and still claiming it was stolen by the Democrats.
While President Trump was bitterly complaining about the election - and finding time to play a round of golf - Joe and Jill Biden sent out an emotional message to Americans urging them to contain the pandemic by staying at home and not travelling over this coming Thanksgiving weekend.
We are now waiting for the President-elect to make his next series of major appointments. Crucially, he must decide his nominee to run the Pentagon. The role of Secretary of Defence is seen as highly sensitive, since America is still wearily fighting the "forever wars" in Iraq and Afghanistan.
But Biden must also decide if to bring a Republican into his Cabinet as a gesture of reconciliation, and whether to give roles to former Democratic rivals like Bernie Sanders, Pete Buttigieg and Elizabeth Warren.
So far, so good for the President-elect, but every decision going forward will bring criticism and give his critics ammunition.