The founder of the Foxconn company, billionaire Terry Kuo, officially announced today that he will run for president in Taiwan as an independent.

“I have decided to participate in the 2024 presidential elections and submit my candidacy,” he confirmed during a press conference.

Taiwan’s presidential election will be held in January.

Mr Kuo, who has long harbored ambitions to take over the presidency, said earlier this year that he would seek to secure the anointing of the Kuomintang (KMT), Taiwan’s largest opposition party.

But the KMT preferred another candidate, former police chief Hu Yu-yi, now mayor of New Taipei City, despite his poor poll performance in recent weeks.

However, the head of Foxconn, who is preparing to stand down as an independent, will need to gather 290,000 signatures to be eligible to run. Mr. Kuo has organized several campaign-themed events on the island in recent months.

Foxconn – officially Hon Hai Precision Industry – is the largest custom electronics manufacturer in the world, producing the devices of several big names in the technology sector, notably American Apple.

The favorite of the elections is the current vice president Lai Ching-te, a member of the Democratic Progressive Party of the outgoing president Tsai Ing-wen.