Howard Schultz not running for president in 2020

Former Starbucks CEO Howard Schultz announced Friday he would not move forward with a presidential campaign.

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Schultz, since January, had teased running as an independent but officially abandoned a potential White House bid in order to avoid being a spoiler for the Democratic nominee, he said.

"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, and that move the country beyond two-party gridlock," Schultz said in a letter to supporters.

Schultz's decision was partly motivated by a back injury that required three surgeries, he said.

Had he run, the businessman would have been the richest 2020 candidate with a net worth of $4.6 billion according to Forbes. That's more than newcomer Democratic candidate Tom Steyer's $1.6 billion and even President Trump's $3.1 billion.

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