Former Starbucks CEO Howard Schultz, whose ambitions to run as an independent candidate for president have been widely criticized, has abandoned his campaign for the White House. In a letter to supporters posted on his website early Friday, the billionaire said he’ll instead spend his campaign warchest—said to be more than $100 million—on attempts to reduce inequality and promote political reform. In his letter, he conceded he would have little chance of becoming president, writing: “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.” The announcement follows the suspension of his independent presidential exploration in June.