David Koch, the billionaire who reshaped American politics with this brother Charles, dies at 79
David Koch, the nationally known billionaire conservative financier and industrialist, had died. He was 79.
"It is with a heavy heart that I announce the passing of my brother David," Charles Koch said in a statement Friday. "Anyone who worked with David surely experienced his giant personality and passion for life."
David, whose net worth of about $42.2 billion tied him with his brother as the world's 11th-richest person in a ranking by Forbes, gained most of his wealth from a 42 percent stake in the Kansas-based energy and chemical company, Koch Industries, which he co-owned with his brother since 1983. The global family enterprise has interests ranging from oil to beef to fertilizer to paper and is the nation's second-largest privately-held company.
David stepped down from his position as executive vice president of Koch Industries and other Koch-affiliated groups last year due to his declining health. Charles remains the company's chairman and chief executive officer, a role he has held since 1967.
Although he was on the liberal side of social issues like abortion and same-sex marriage, David used his fortune to champion conservative causes that favor lowering taxes, free trade and deregulations. He was the vice-presidential candidate of the Libertarian Party in 1980.