Billionaire and former Starbucks Chief Executive Officer Howard Schultz has scrapped plans to run for president as an independent in 2020.
Schultz explained in a letter on his website that he believes a run by an independent could help reelect President Donald Trump, according to The New York Times.
"Not enough people today are willing to consider backing an independent candidate because they fear doing so might lead to re-electing a uniquely dangerous incumbent president," he wrote.
Schultz, 66, also said he didn't want to detract from the candidacy of the Democratic nominee, whoever that might be, with 20 candidates still in the race for the nomination right now, although he did acknowledge he still has worries about the party.
"I'm also concerned that far-left policy ideas being advanced by several Democratic candidates will further alienate voters who believe those ideas will inflict more economic harm than good. The nomination of a far-left Democratic candidate could result in more votes for Trump—unless a moderate independent is also on the ballot," Schultz wrote.
Schultz’s announcement ends months of speculation about whether he would launch a presidential bid following his departure from Starbucks last June after 30 years with the coffee giant.
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