Libertarian political icon David Koch is retiring from all business and political activities, according to a letter sent by his older brother Charles Koch and obtained by the Associated Press on Tuesday.
The elder Koch cited deteriorating health as the reason for his brother’s retirement.
David Koch is stepping down from his position as the executive vice president and board member for Koch Industries. He is also leaving his role as chairman of the board for the Americans for Prosperity.
David Koch was the Libertarian Party’s vice presidential candidate in 1980.
The retiring Koch was also very involved in philanthropy. He donated $150 million to New York’s Memorial Sloan Kettering Cancer Center in 2015 and $185 million throughout his life to the Massachusetts Institute of Technology, his alma mater.
David and Charles Koch have created a political empire with money from their family’s private sector business. The brothers have pledged to spend $400 million dollars in the 2018 midterms. (RELATED: Kochs Take A Stand Against Trump’s Trade Policies)
The Koch brothers have espoused libertarian causes across the board, from criminal justice reform to regulatory rollback. The Koch-backed Americans for Prosperity group “has a vision for America where truly free markets allow for free and prosperous people.”
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