Terry Gou, founder of Apple supplier Foxconn, announced on Monday in a statement he will not take part in the 2020 Taiwan leadership election.
This comes days after he quit the Kuomintang (KMT).
"This decision was not because of anyone's persuasion or influence but because after thinking it over, I felt we all need to return to rationality and policy discussions when choosing our next leader," Gou said.
"I'd also like to say ‘thank you’ to everyone for your support and love," Gou said, apologizing to supporters who had urged him to run for the election.
Gou said although he did not contest in the election, it doesn't mean he has given up politics, adding he would continue to push for the policies he proposed during the KMT primaries.
The KMT said in a statement that it believes Gou will make the best decision that benefits Taiwan: "We should let go of the past and look forward. Comrades of the party should unite as one."
Gou's departure means Han Kuo-yu will face off against Taiwan leader Tsai Ing-wen of the Democratic Progressive Party, who is seeking a second term.
Gou stepped down as the chief of Foxconn this year, handing over the running of the company to an operations committee. But he retained a seat on the board of the company, formally known as Hon Hai Precision Industry Co Ltd.
According to Forbes magazine, Gou is Taiwan's richest person, with a net worth of 7.6 billion U.S. dollars.