Billionaire David Koch Who Used His Wealth To Reshape U.S. Politics Dies At 79

(Wall Street Journal) Melanie Grayce West and John McCormick Aug. 23 2019 9:28 am David Koch the billionaire libertarian who gave more than $1 billion to charitable causes but was better known for using his money to reshape U.S. politics died Friday. He was 79 years old. His family released a statement Friday saying While we mourn the loss of our hero we remember his iconic laughter insatiable curiosity and gentle heart." According to a statement from Koch Industries Inc. Mr. Koch fought various illnesses over many years. Mr. Koch whose net worth of about $50.5 billion tied him with his brother as the worlds 11th-richest person in Forbes magazine rankings gained most of his wealth from a 42 stake in Wichita Kan.-based Koch Industries which has interests ranging from oil to beef to paper and is the second-largest closely held U.S. company. A longtime New York resident Mr. Koch was until retirement in June 2018 an executive vice president of the family company. Though he was a liberal on social issues like abortion and same-sex marriage Mr. Koch used his fortune to support conservative causes that favor lowering taxes free trade and fewer regulations. He was the Libertarian Partys 1980 vice-presidential candidate. With his surviving older brother Charles Koch the chairman and chief executive of Koch Industries Mr. Koch created a network composed of like-minded wealthy donors brought together to back conservative causes. They were credited with helping finance the limited-government Tea Party movement that helped Republicans win control of the House in 2010 during President Obamas first term.