Breaking: Former Starbucks CEO Howard Schultz Drops From Presidential Race

Former Starbucks CEO Howard Schultz has dropped from the 2020 presidential race, officially announcing he will no longer be pursuing an independent bid.

Schultz faced a chorus of criticisms from members of the Democrat Party in January when he first announced that he would not be running under their banner but would be running on his own. Many liberals, at the time, said an Independent bid would only work to aid in President Trump’s re-election.

Axios reports Schultz’s departure from the presidential election does not mean he will stop his political involvement in 2020. According to the report, Schultz intends to spend a whopping $100 million towards political reforms.

From Axios:

In a “Dear Friends” letter going to hundreds of thousands of supporters later today, Schultz writes:

  • “[N]ot 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.”

  • “If I went forward, there is a risk that my name would appear on ballots even if a moderate Democrat wins the nomination, and that is not a risk I am willing to take.”

  • “Finally, a back injury in April and three subsequent surgeries have required a level of recovery that has prevented me from continuing my travels and engaging with people to the degree that is necessary.”

  • “The money that I was prepared to commit to a presidential campaign will instead be used to invest in people, organizations and ideas that promote honesty, civility and results in our politics.”

  • “Onward with love of country, Howard.”

Read the full letter here.

Fox Business reported in June that Schultz put his presidential campaign on a summer hiatus where he fired most of his junior-level staff and got back surgery.

From the report:

Billionaire businessman and former Starbucks chief executive Howard Schultz has delayed his decision on whether to run for president as an independent as he assesses the possibility of former Vice President Joe Biden capturing the Democratic nomination, FOX Business has learned.

If Biden, a moderate liberal who is friendly to business, emerged as the likely Democratic nominee, this would be a significant impediment to Schultz running for president since his campaign would focus on similar issues to Biden’s, according to two people with direct knowledge of Schultz’s thinking. And if Biden does survive a Democratic primary without betraying his record as a moderate, it’s unlikely Schultz would mount his independent campaign, they add.

People close to Schultz say the former CEO who has never run for office in the past recently has been keeping a low profile in part because of back surgery. He is also paying close attention to the burgeoning field of Democratic candidates entering the race, and whether far left candidates like Socialist Vermont senator Bernie Sanders or Massachusetts senator Elizabeth Warren could win the nomination, which will all but certain lead him to join the race as an independent.