Former Starbucks CEO Howard Schultz, emerging with a lengthy statement after largely dropping out of the public eye, is declaring once and for all that he has ruled out an Independent bid for President.

“Not enough people today are willing to consider backing an independent candidate because they fear doing so might lead to re-electing a uniquely dangerous incumbent president,” he said Friday. “There is considerable concern that four more years of a Trump administration pose a graver threat to our democracy than four more years of political dysfunction.”

He also cited the increasing polarity of the political discourse, the logistics of the nomination process and his back pain as additional reasons he opted out of the bid.

“The money that I was prepared to commit to a presidential campaign will instead be used to invest in people, organizations and ideas that promote honesty, civility and results in our politics, and that move the country beyond two-party gridlock,” the billionaire added. “Common-sense policies and initiatives that can help address widening inequality at home, while strengthening America’s standing in the world, will be a priority.”

Schultz’s floating of a third-party run catalyzed widespread backlash from Democrats terrified that his bid would siphon votes off of the eventual Democratic nominee, becoming a boon to President Donald Trump’s candidacy.