Former Starbucks Chief Backs Biden

Howard Schultz is out with the news; he's an unabashed supporter of Democratic standard-bearer Joe Biden for the U.S. presidency.

The former Starbucks (NASDAQ:SBUX) CEO went on to say in a message to his email list that warned that, quote, "what is at risk is democracy itself."

The coffee titan had publicly mulled the possibility of running in the 2020 race as a "centrist independent" but dropped the plan last September. The prospect of a Schultz bid outside the two-party system spooked Democrats who worried that he could take away votes from the Democratic nominee and potentially throw the race to President Donald Trump.

"While my exploration revealed that a run for office was not the best way for me to give back to a country that has given me so much, I continue to believe that our nation can live up to our ideals, and that we all must envision and fight for a new American future," Schultz wrote in the email.

Schultz also wrote that he and his wife, Sheri Schultz, will vote for Biden and donate to his campaign.

Schultz, who has an estimated net worth of more than $4 billion, added he and his wife will support non-partisan democracy initiatives aimed at ensuring the legitimacy of the vote and organizations geared toward mobilizing infrequent voters and minorities.