Terry Gou, the 72-year-old billionaire founder of Foxconn, has thrown his hat into the ring for Taiwan’s presidency. With a compelling rags-to-riches narrative, significant wealth, and name recognition, Gou’s charisma could have given him an edge. However, his candidacy risks splitting the opposition vote in the upcoming January 2024 election, making it challenging to unseat the ruling Democratic Progressive Party (DPP).
Gou’s entry into the race has transformed the landscape, complicating matters further in a winner-takes-all system. His proposition parallels the “law of holes”: if in a hole, stop digging. Taiwan’s opposition, by allowing three-way splits in the opposition vote, is inadvertently undermining its own chances.
Gou’s campaign arrives against the backdrop of mounting tensions with China and a militarized region. His experience working with China through Foxconn and his promise to protect Taiwan’s security resonate with some. However, Gou’s proposal to return to a 1992 status quo and ensure 50 years of peace hasn’t garnered significant traction among Taiwanese voters, many of whom now identify more strongly as Taiwanese and are prepared to defend their sovereignty.
In a crowded field, uniting the opposition around a single candidate is the key to unseating the DPP. Gou sees himself as that unifying force, likening the three opposition candidates to “the three little pigs” and the DPP to the “big bad wolf.” Despite his wealth and fame, Gou’s candidacy is more likely to splinter the opposition vote than unite it. This scenario potentially paves the way for William Lai of the DPP to emerge as Taiwan’s next president, even with just 40% of the vote.
