Taiwanese billionaire Terry Gou, the founder of leading Apple supplier Foxconn, unexpectedly withdrew from the race to become Taiwan's next president just hours before the registration deadline. In a statement, Gou expressed his love for his homeland, the Republic of China, but did not provide specific reasons for his retreat. His running mate, Tammy Lai, also confirmed via Facebook that they would not be appearing on the 2024 ballot.
Gou, a self-made billionaire with limited political experience, entered the race as an independent candidate in August and resigned from Foxconn's board. However, he consistently lagged behind in the polls and faced strong competition from other candidates. His withdrawal came after unsuccessful attempts to form a joint ticket with opposition candidates Hou Yu-ih and Ko Wen-je.
The joint ticket negotiations between Gou, Hou, and Ko collapsed on live television, leading to both opposition candidates registering to run separately. While all three shared the goal of defeating the ruling Democratic Progressive Party, Gou's popularity among voters remained low.
Gou founded Foxconn, initially known as Hon Hai Precision Industry, in Taiwan in 1974. Shortly after announcing his bid for presidency, Chinese state media reported that Foxconn was under investigation by Chinese authorities over concerns related to land use and taxes. Gou had previously emphasized that he would not succumb to pressure from Beijing, despite the company's extensive business operations in China.
Although Foxconn stated that compliance with the law was one of its fundamental principles and that they would cooperate with investigations, the outcome of the probe remains unclear.
In November, a Foxconn subsidiary based in Wuhan, China, was fined by a local tax authority for overstating its research and development expenses in 2021 and 2022. The exact impact of this incident on Foxconn's operations and Gou's presidential bid is yet to be determined.
With Gou's withdrawal, Taiwan's presidential election scheduled for January 13, 2024, will now proceed without him. The nation will witness a highly contested race among the remaining candidates as they vie for the opportunity to lead Taiwan into the future.