Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Howard Schultz speaks at Miami Dade College in March. Photo: Joe Raedle/Getty Images
Former Starbucks CEO Howard Schultz, who put his independent presidential exploration on hold in June, will tell supporters later this morning that he's abandoning his campaign but still plans to spend big "to fix our broken system."
Why it matters: Schultz — a billionaire who planned to spend north of $100 million on 2020 — now will direct that same amount, over a longer time, toward innovative efforts to reduce inequality and promote political reform.
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."