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The Koch family rose to prominence behind the business conglomerate Koch Industries. The company was founded in 1940 as an oil refining business. It was founded by Fred Koch. Upon his death in 1967, the business was split among his four sons.
His two sons David and Charles bought out their brothers' shares for $1.1 billion and soon became two of the most influential businessmen in the United States.
Koch Industries is the second largest privately held corporation in the country. The company’s business practices have been held under the microscope on multiple occasions.
The company is often criticized for its poor environmental record. According to Bloomberg, they were fined more than $400 million for violating multiple environmental guidelines between 1999 and 2003. This included a pipeline bursting in Texas that resulted in an oil spill environmental disaster.
In 2000, the company paid fines as a result of more than 312 oil spills. The fines at the time totaled $20 million. The company has been fined multiple times by the Environmental Protection Agency since then.
The company and its two leaders Charles and David were also polarizing for their political work. They founded the Cato Institute lobby group and funded the KochPAC.
They have been criticized by groups like Greenpeace for lobbying to draft legislation that benefits their business ventures, often to the detriment of environmental protection.
They also fund far-right and conservative political groups and think tanks. They often oppose business regulation and environmental regulation laws. They also make significant and frequent donations to Republican politicians. According to Documented, the company gave $375,000 to a fund-raising group that aimed to appoint conservative judges in 2020.
Which member of the Koch family is buying a share of the Brooklyn Nets?
The Koch family is one of the richest families in the world. Julia Koch became one of the richest women in the world after her billionaire husband David Koch died in 2019. She inherited a 42 percent stake in Koch Industries after his death. She and her three children are worth $60.6 billion, according to Forbes.
Julia Koch and her immediate family are planning to invest in a 10 percent stake in the Brooklyn Nets. They are looking to purchase a stake in BSE Global which owns the Nets, New York Liberty, and the Barclays Center.
Julia Koch is known for staying out of the public spotlight. She used to work in fashion and was a known New York Socialite despite her now low profile.
