Billionaire Terry Gou has confirmed that he will not run in the upcoming Taiwan presidential election.

Gou, who founded Foxconn Technology Group, withdrew from the race just hours before the deadline to formally register as a candidate.

Terry Gou's statement

In a Nov. 24 Facebook statement, the 73-year-old said: "I have never yielded in the battlefield of international business."

"For the future of the Republic of China, choosing to yield is all the love I can give to my homeland."

He added that he was "withdrawing his body but not his spirit".

The election will take place on Jan. 13, 2024.

With Gou's official withdrawal, the Taiwan presidential election will be contested between the incumbent Democratic Progressive Party (DPP), the Kuomintang (KMT) and the Taiwan People's Party (TPP).

Current vice president William Lai Ching-te will represent the DPP, while Mayor of New Taipei City Hou Yu-ih is standing for the KMT, and Ko Wen-je has registered for the TPP.

Before the official registration deadline, there were negotiations for Hou and Ko to combine their campaigns in a joint bid, representing the united opposition.

However, negotiations fell through and Hou and Ko selected their own VP candidates, possibly allowing Lai to take advantage.

VP pick Tammy Lai renounced U.S. citizenship

Taiwan Plus News and Bloomberg earlier reported that Gou was planning to drop out of the race.

He had collected enough signatures to run as an independent candidate, and even named a running mate — actress Tammy Lai.

Lai issued a lengthier statement on the pair's exit the same day.

""It is a tough decision. But after thorough consideration, it is the best decision at the moment," she wrote.

Lai had to renounce her U.S. citizenship to take part in the election, and did so.

Investigations

On Nov. 1, the Taipei District Prosecutors Office revealed that it was investigating alleged bribes linked to Gou's presidential campaign.

13 people were questioned over suspected cash payments offered in exchange for signatures in support of Gou’s presidential bid, Time Magazine reported, citing the prosecutor office.

Meanwhile, authorities in China opened an investigation into Foxconn's operations in certain parts of China shortly after he announced his bid.

"If the Chinese Communist regime says, ‘If you don’t listen to me, we will confiscate Hon Hai [Foxconn]’s property. I will say, ‘Yes, please do it,’" Gou said at an August press conference in Taipei, according to CNN.

Gou resigned as Foxconn director in Sep. 2023.

Announced bid in August

The billionaire announced his bid for Taiwan's presidency in August.

His announcement came amid high tensions between China and Taiwan.

Gou criticised the ruling DPP, claiming that they led Taiwan "towards the danger of war".

"Give me four years and I promise that I will bring 50 years of peace to the Taiwan Strait and build the deepest foundation for the mutual trust across the strait," he said.

Top image from Terry Gou