Scoop: Howard Schultz to end presidential campaign

Between the lines: Schultz, 66, didn't want to be a spoiler if Joe Biden becomes the nominee, and calculated that he'd have to begin locking down ballot access before the Democratic race is settled.

• What's next: Schultz, who plans to combine philanthropy and strategic investing with a passion for increasing access to the American dream, now becomes one of the most active private players in public policy.

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 letter.