David Koch Steps Down From Company, Political Groups

Marsha Scott
June 8, 2018

For example, the Kochs were accused of being behind Trump's decision to pull out of the Paris Climate Agreement in January 2017. "Now, it has grown up and realized that life's a lot more complex", he said. All three groups are relying on the same messaging, claiming the tariffs will hamper the United States' ability to compete on a global scale while throwing the USA economy into a trade war it can't win.

David, who was diagnosed with prostate cancer nearly two decades ago, is the executive vice president at Koch Industries. "The movement now transcends the Kochs". Their network has promised to spend $400 million to shape the 2018 midterm elections. That is up from $250 million in the 2016 elections.

Both David and Charles are major conservative donors and activists.

David Koch did not attend the network's winter seminar earlier this year. The brothers refer to them as "investors" - not donors - because they view the contributions as an investment in politics.

He's donated to museums - giving $35 million to the Smithsonian's Natural History Museum and $20 million to the American Museum of Natural History in NY.

David will also step down from his role as chairman for Americans for Prosperity, a grassroots conservative group that is a part of the Koch network, the memo said. They have, however, distanced themselves from and disagreed with President Trump on a variety of issues. He is a resident of New York City. He has also given $185 million in total donations to the Massachusetts Institute of Technology, his alma mater. He and his wife, Julia Flesher Koch, have been married more than 20 years and have three children.

More news: Kim meeting scheduled for 9 am on June 12
More news: Hitman 2 accidentally outed by reveal site
More news: Microsoft thinking of buying Github

He provided $217 million to the Memorial Sloan Kettering Cancer Center, including $150 million for a new outpatient medical facility, The Washington Post reports. The brothers have donated several millions to doctors and researchers working toward a cancer cure. The personal worth of Mr. Koch is estimated at $52 billion.

They are best known for their role in politics and using their fortune to inject millions into an array of foundations, think tanks and political groups to spread their small-government, free-market messages.

In 1980, Koch ran was the Libertarian Party's nominee for vice president, along with Ed Clark, its' presidential pick. They won about 1% of the vote.

Charles Koch, 82 said he is "deeply saddened" by his brother's retirement, adding that "David has always been a fighter and is dealing with this challenge in the same way".

The clothing-to-chemicals conglomerate is the second-largest privately held company in the United States with annual revenues of more than $115 billion from interests in energy, chemicals and other sectors.

Following the Koch Industries announcement, Americans for Prosperity Foundation announced that David, 78, would be resigning from its board.

Other reports by MaliBehiribAe

Discuss This Article

FOLLOW OUR NEWSPAPER