Charles Koch, the CEO of the family’s industrial conglomerate Koch Industries, announced the death Friday.
“It is with a heavy heart that I announce the passing of my brother David. Anyone who worked with David surely experienced his giant personality and passion for life,” the elder Koch said in a statement.
The Koch company is an industrial conglomerate that is one of the world’s largest private companies, engaging in everything from oil refining to making consumer products such as Brawny paper towels. Forbes pegged David Koch’s net worth at more than $42 billion.
But the Koch brothers were best known — and vilified by Democrats — for their role in politics, and they used their vast wealth to build a sprawling array of think tanks, foundations and political groups to spread their small-government, free-market message.
David Koch was the Libertarian Party’s vice presidential candidate for the 1980 presidential election, and along with Charles, also founded Citizens for a Sound Economy, a predecessor organization to the advocacy group FreedomWorks.
Koch Industries has an estimated annual revenue of $110 billion and 120,000 employees. While primarily known as an oil company, it makes a wide variety of other products including Stainmaster carpet, Dixie paper cups and plates, Brawny paper towels and AngelSoft toilet paper, as well as fertilizer, asphalt and window glass.
This story is breaking and will be updated.
CNN’s Chris Isidore, Sarah Westwood, Kylie Atwood and Karl de Vries contributed to this report.