David Koch steps down from Koch Industries

David Koch is leaving Koch Industries and stepping down from Americans for Prosperity

Charles Koch, who will stay on as chairman and chief executive of Koch Industries, said his brother was "instrumental" in expanding the business they inherited from their father "1,000 fold" and branching out beyond energy into a host of other products.

"Due to health reasons, David Koch will be resigning from the board of the AFP Foundation".

Along with stepping down from Koch Industries, Koch is also rolling back his responsibilities at the Seminar Network. According to Forbes, the company, which was founded in 1940, had $100 billion in revenue in 2017, making it the second-largest privately held American company. The letter cites an undisclosed health issue that put him in the hospital in the summer of 2016.

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.

Through a constellation of aligned groups, the network still plans to spend between $300 million and $400 million on politics and policy during the 2018 election cycle.

Three organizations within Charles and David Koch's conservative political network - Freedom Partners Chamber of Commerce, Americans for Prosperity, and The LIBRE Initiative - are banding together to launch "a multi-year, multimillion-dollar initiative to champion the far-reaching benefits of trade".

According to past references, it is found that David Koch has also donated hundreds of millions to apolitical causes, including $185 million to the Massachusetts Institute of Technology, his alma mater, and $150 million to Memorial Sloan Kettering Cancer Center in New York City. He will continue to serve as the CEO of Koch Industries and the unofficial face of the network's political efforts. Koch officials said David Koch's donations and pledges to non-profit groups have topped $1.3 billion.

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.

In 1980, Koch ran was the Libertarian Party's nominee for vice president, along with Ed Clark, its' presidential pick. Those gifts triggered some controversy.

The Koch household has been influential in conservative politics for generations, lengthy earlier than their title turned synonymous with massive cash within the Republican Occasion. He is not expected to give up his stake in Koch Industries at this time. The organization was especially active during the presidency of Barack Obama whom they both saw as driven by a socialist agenda that threated their libertarian philosophy and their business. Former Senate Majority Leader Harry Reid regularly attacked Republicans for what he called a "Koch addiction".

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