Former Starbucks CEO Howard Schultz is slated to announce Friday that he will end his 2020 presidential bid. Schultz, who suspended his campaign in June, citing health issues, sought to run in the 2020 presidential election as an independent.

In his announcement Friday, the 66-year-old billionaire is expected to cite concerns that he could draw moderate Democratic votes from the Democratic nominee, thus aiding Trump's reelection bid, Axios reported.