Billionaire industrialist and political activist David Koch, has died at the age of 79. Koch, one of the richest people in the world and a donor to the Republican Party of the US had been suffering from cancer.
“Sources close to the family say David Koch has died,” New Yorker reporter Jane Mayer tweeted.
His Koch’s spokeswoman, Cristyne Nicholas, later confirmed the death.
Other details about the time, place, and cause of his death were not immediately known.
In the Bloomberg Billionaires Index, Koch ties with his brother, Charles, as the world’s seventh-richest person, with a net worth of about $59 billion.
He and his brother also tie on Forbes list as 11th richest in the world with wealth valued at $50.5 billion.
According to Bloomberg, Koch derived most of his wealth from a 42% stake in Wichita, Kansas-based Koch Industries, which has annual revenue of about $110 billion. It is one of the US’ largest privately held companies, and its spectacular growth included the 2005 acquisition of Georgia Pacific for $21 billion.
Koch Industries refines crude oil, produces fertilizer and makes Dixie cups and Quilted Northern toile
David Koch stepped down from his role as executive vice president of the company in July 2018, citing health concerns. He was then named director emeritus.
He donated over $1 billion to philanthropic causes.
He and his brother Charles, 83, have pumped millions into conservative causes and candidates. The operation they built includes more than 700 donors who give $100,000 or more a year and a group called Americans for Prosperity that has chapters in 36 states.