COFFEE BREAK

Former Starbucks CEO Howard Schultz Ends 2020 Campaign

The billionaire conceded he’d have little chance of winning the presidency and said he doesn’t want to split the vote.

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.