In a surprise move, Foxconn's Gou drops Taiwan's presidential bid

FILE PHOTO: Foxconn Technology Group founder and chairman, Terry Gou, speaks during a news conference after his trip to the U.S., in Taipei, Taiwan May 6, 2019. REUTERS/Tyrone Siu/File Photo

TAIPEI (Reuters) - Terry Gou, founder of Apple supplier Foxconn, in a surprise move on Monday said he will not contest in Taiwan's 2020 presidential election.

Gou, Taiwan's richest person with a net worth of $7.6 billion according to Forbes, said in a statement late on Monday he would not join the already competitive race, after losing the presidential nomination from the opposition, China-friendly Kuomintang party (KMT) in mid-July.