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

Terry Gou, a founder of Apple supplier Foxconn, said on Monday he will not contest in Taiwan's 2020 presidential election, in a surprise move amid rising tension with China.

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

Self-ruled Taiwan is set to hold presidential and legislative elections in January amid a delicate time with its giant neighbor China, which considers the island it's own and has been ramping up pressure to squeeze Taiwan's space.