Billionaire businessman and philanthropist David Koch
passed away at age 79, according to reports. The New Yorker and CBS were among the outlets reporting Koch’s death. A source close to the family confirmed the death with CBS . Sources close to the family told Jane Mayer of the New Yorker that Koch had died. Koch and his brother Charles Koch are both known to be conservatives and have long given money to conservative causes as well as to a wide range of charities. They co-owned Koch Industries before David Koch
retired last year. At the time of his retirement, Koch’s net worth was estimated at $42.4 billion, making him the 11th richest person in the world, Forbes reported at the time. Philanthropist David H. Koch attends the U.S. Olympic And Paralympic Foundation Event Hosted By Ellen and Daniel Crown in New York City on May 17, 2017. (Photo by Lars Niki
/Getty Images for United States Olympic Committee) Charles Koch wrote in a letter to Koch Industries employees that his brother was suffering from a health issue that forced him to be admitted to hospital. “We are deeply saddened by this, as we miss David’s insightful questions and his many contributions to Koch Industries,” the letter said, according to a copy reviewed by The Wall Street Journal . “David has contributed greatly to Koch Industries and improving people’s lives in this country,” said Steve Lombardo, chief communications officer for Koch Industries, said. “Given declining health, it was time to resign.” Koch Industries operates across 60 countries and employs over 120,000 people, according to its websites. It’s involved in manufacturing a number of products and also operates refineries.