TAIPEI – Terry Gou said he will not run in the 2020 Taiwan presidential election after all.

Foxconn’s founder and Taiwan’s richest person with a reported net worth of $7.6 billion said Monday he would not join the competitive race after losing the nomination from the Kuomintang party in mid-July.

“I have decided not to join the petition to run for president in 2020,” Gou said in a statement. “Although I did not contest in the presidential election, it doesn’t mean I have given up politics.”

He said he would continue to push for the policies he proposed during the primaries but didn’t explain in what capacity.