Sources close to the family told Jane Mayer of the New Yorker that Koch had died.
His older brother, Charles Koch, confirmed his death Friday, per CNN. "Anyone who worked with David surely experienced his giant personality and passion for life", Charles Koch wrote in a statement, adding that his brother was diagnosed with prostate cancer 27 years ago. But a combination of doctors and state-of-the-art medications "and his own stubbornness" kept the cancer at bay.
"We can all be grateful that it did, because he was able to touch so many more lives as a result", Charles Koch said. David Koch took a 42 percent stake in the company and eventually earned the notoriety of being New York's second-wealthiest resident.
He had been hospitalized in 2016, according to NPR, and his "health has continued to deteriorate", Charles wrote in a letter to Koch Industries employees previous year, CNN reported.
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The native of Wichita, Kansas, ran for president as a Libertarian in 1980, calling for the abolishment of several federal government agencies.
The brothers funded groups like Americans for Prosperity that spread their libertarian vision of conservatism advocating lower taxes and fewer regulations on businesses, and donated heavily to Republican candidates.
"David's guidance and loyalty, especially in Koch Industries' most troubled times, was unwavering".
The Koch brothers announced earlier this year that they would not support Trump's 2020 re-election bid.
David Koch retired from the company and the Koch political operations in 2018, citing health reasons. He leaves behind his wife, Julia Koch, and three beloved children.
While David was well-known as a political donor, he was also a long-time philanthropist.