(Bloomberg) — Foxconn Technology Group’s billionaire founder Terry Gou has quit the race to become Taiwan’s next president.
Gou said he had decided to set aside his political ambitions for the greater good of Taiwan and expressed his hope one of the opposition candidates could beat the ruling Democratic Progressive Party in January’s election, according to a statement from his campaign Friday.
“Those who achieve great things can disregard praise or criticism. Terry Gou may be forgotten by the people, but for the future of the Republic of China, I choose to sacrifice myself for the greater good,” he said in the statement, refer to Taiwan’s official name. “This is my utmost dedication to my homeland.”
The decision brings to an end Gou’s years-long pursuit of Taiwan’s most-powerful job — at least for now. The businessman has made no secret of his political ambitions since first flirting with the idea of a presidential run in 2019. His platform of pursuing peace talks with China and acting as a key intermediary between Washington and Beijing had failed to excite voters.
Gou’s goal of becoming Taiwan’s president has faced several obstacles. His campaign faces a probe in Taiwan on suspicion of offering cash payments in exchange for signatures.
That comes on top of Beijing’s surprise investigation into Foxconn, the company Gou founded in 1974, reigniting concern he could be susceptible to pressure from China if he won. The probe came after Gou said he would not bow to Chinese threats.
Gou’s decision comes just hours before the deadline to formally register for the election on Friday. Taiwan’s main opposition parties have launched rival bids for the presidency after talks over a potential alliance imploded Thursday.
The Kuomintang’s Hou Yu-ih named TV presenter Jaw Shaw-kong as his vice presidential running mate Friday morning, and filed formal papers to run in the Jan. 13 election. The Taiwan People’s Party’s Ko Wen-je also filed, selecting lawmaker Wu Hsin-ying as his running mate.
They are running against the Democratic Progressive Party’s candidate, Vice President Lai Ching-te.
(Updated with confirmation of Terry’s withdrawal.)
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