David Koch was a late chemical engineer, businessman, political activist, and philanthropist from the United States. Koch is best known for his contribution to philanthropic causes towards medicinal and cultural institutions. He is also well known for supporting conservative causes and libertarian movements. He was also a Libertarian candidate for United States Vice President in 1980. He died at the age of 79 in August 2019 at his New York home.
Koch was an executive vice-president of Koch Industries before his retirement in 2018 owing to health concerns. In 2012, Koch was the fourth wealthiest man in the United States, and also in 2013, he was the richest among New York City residents. Koch was the world’s 11th richest person as of June 2019 before he died. Koch supported the Lincoln Center, New York Presbyterian Hospital, Sloan Kettering, and American Museum of Natural History’s Dinosaur Wing.
David Koch Bio/Wiki[table id=3079 /]
Koch was born 3rd May 1940 in Wichita, Kansas, to chemical engineer Fred C. Koch and Mary R. Clementine. Harry Koch, David’s paternal grandfather, was a Dutch immigrant who created Quanah Tribune Chief publication as well as the Quanah, Acme, and Pacific Railway. David was raised with older siblings Fred, Charles, and nineteen minute younger twin Bill.
Koch graduated from Deerfield Academy, a Massachusetts prep school, in 1959. He earned a bachelor’s degree in chemical engineering from Massachusetts Institute of Technology in 1962 and also master’s in chemical engineering from MIT in 1963. He was a Beta Theta Phi fraternity fellow.
Koch was a basketball player at MIT for three years, scoring 21 points a game, a school record. From 1962 through 2009, he owned the single-game goal record of 41 points, which was eventually surpassed by Jimmy Bartolotta.
David Koch Net Worth
David Koch’s net worth was around $50.5 billion at the time of his death.[table id=3089 /]
As a co-owner of Koch Industries, he made his wealth. David Koch owned 42 percent of Koch Industries, the second biggest privately held firm in the US, with annual sales of up to $100 billion during his death. Georgia-Pacific, Invista, Molex, Koch Pipelines, Koch Fertilizer, and other firms are among his investments.
He also owned at least $2 billion in cash assets and a shareholding in his family’s investment firm, Koch Equity Development. When Koch died, his wife, Julia Koch, with their three children acquired a 42 percent share in Koch Industries.
David spent $4 million purchasing two Aspen villas that were built side by side. This estate is now valued at a minimum $20 million as a whole. David spent $7.5 million for a massive seven-bedroom property on Southampton’s Meadow Lane in New York, four years before marrying Julia.
This property is now worth between $40 and $50 million. David and Julia bought Villa el Sarmiento, a 1920s-era home in Palm Beach, Florida, for $10.5 million in 1998. This property is now estimated to be worth more than $70 million. Julia and David bought an 18-room duplex penthouse property at 740 Park Avenue for $17 million in 2004.
David Koch Theatre[table id=3088 /]
- He began an engineering profession after finishing his school, working as a development and methodology design engineer for many consulting organisations during the following five years.
- In the 1960s, he worked with Arthur Little, Halco International, Amicon Corporation, and Scientific Design Company, among others.
- In 1970, David Koch entered the Koch Industries family company. It was formed by his father many years ago, and his brother Charles Koch was in charge at the time.
- A technical-services manager was one of his first roles at the organisation.
- David went on to build the company’s New York office and, by 1979, had become the head of Koch Engineering, which was subsequently rebranded as Koch Engineering.
- He grew interested in politics and ran for Vice President for the Libertarian Party in the 1980 presidential election, sharing the ticket with candidate for president Ed Clark.
- The pair pledged to eliminate Social Security, Federal Reserve Board, social assistance, minimum level wage regulations, corporate taxes, as well as all price supports & subsidies for agriculture & business.
- He received only about a million votes in the most fruitful Libertarian presidential election campaign in the United States to that point.
- He was once a firm believer in libertarian ideals, but he defected from the Libertarian Party throughout 1984 whenever it backed the repeal of all taxes. He has become a Republican ever since.
- David Koch held several positions of more than 20 non-profit organisations, such as National Cancer Advisory Board (NCAB), Nnational Cancer Institute (NCI), University of Texas Cancer Center (MD Anderson), Massachusetts Institute of Technology (MIT), and the Aspen Institute, among many others. He was named one of the top 50 humanitarians by the Chronicle of Philanthropy.
- People for a Sound Economy, a conservative political organisation based in the United States, was founded by David Koch and his brother Charles in 1984. The organisation was committed to market economics and advocated for the most personal engagement in public policy advocacy possible.
- In 1992, David Koch got clinically-diagnosed with prostate cancer and had surgery, radiotherapy, and hormone treatment to treat his condition. Despite this, the malignancy returned several times. His own individual anecdotes as a cancer sufferer inspired him to contribute to medical research.
- In the 2000s, the Koch brothers surpassed Exxon Mobil as the leading funder of organisations that challenged global climate change’s truth, severity, or human causes. Koch Industries as well as its companies, as well as the Koch brothers and the organisations they financed, spent a lot of money on political donations, advertising, and state ballot initiatives.
- Meanwhile, American for Prosperity Foundation assisted the anti government Tea Party movement’s rise beginning in 2009 by organising demonstrations, recruiting voters, paying commercials, and crafting policies.
- The Koch brothers began hosting biennial national conferences in 2003, when industry representatives, Republican Party officials, conservative activists, and media convened to discuss political concerns, funding, and election strategy.
- Liberal reviewers of the Koch bros have accused them of abusing their massive wealth to influence the election system as well as social debate in their company’s favour, as well as to promote policies that harm middle class & poor, as well as undermine public health, workers’ rights, as well as the surroundings.
- Defenders contended that the siblings’ political clout was overblown, and that their actions were driven by a desire to expand economic freedom and wealth for all Americans.
- Charles and David Koch inherited their father’s conservative political views, which he articulated as a founder of John Birch Society.
- David ran for the Libertarian Party’s vice presidential nomination in 1980.
- Koch & his brother allegedly spent billions of dollars to sway conservative American politics with a slew of organisations.
- In 2016, Koch & his brother were vocal opponents of President Trump’s candidacy.
- Koch is the only person who can be blamed for helping to bankroll the Tea Party’s emergence in 2008.
- He donated $100 million to the renovation of the New York City Ballet’s David H. Koch Theater, which was renamed after him.
- After being nominated as runnning mate of Ed Clark, Koch donated his new vice campaign for president $100,000 per month.
- Koch advocated for measures that reduced the size of government and reduced taxes.
- Koch donated $18.6 million to the WGBH Educational Foundation between 1982 and 2013.
- Koch escaped the crash of USAir Flight 1493 in February 1991.
- Koch got diagnosed in 1992 with prostate cancer.
- Koch bought Jacqueline Kennedy Onassis’ 15-room townhouse at 1040 Fifth Avenue when she died in 1994.
David Koch was a businessman from the United States. And he is most known for his political activity and management of the Koch Industries, the biggest privately held corporation in the United States.
Yes, David Koch is one of the Koch brothers. Others being Bill, Charles and Fred Koch.
David coach died at 79 years.
David’s wife’s name is Julian.
Koch was worth around $50.5 billion at his death.
David Koch suffered from prostate cancer.