Howard Schultz

Scoop: Howard Schultz to end presidential campaign

Former Starbucks CEO Howard Schultz speaks at Miami Dade College in March
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.

Howard Schultz says he will not campaign this summer, citing health problems

Howard Schultz
Howard Schultz. Photo: Owen Hoffmann/Patrick McMullan via Getty Images

Former Starbucks CEO Howard Schultz, who has previously said he is considering running for president as a centrist independent, will not campaign this summer after undergoing three separate back surgeries.

Why it matters: Schultz' announcement and subsequent press tour earlier this year set off significant backlash from Democrats who believe running as an independent could help re-elect Trump. Schultz has warned that Democrats nominating a candidate too far to the left would be damaging to the country, but has nonetheless maintained that he will "not be a spoiler."