David Koch dead at 79

Billionaire conservative icon David Koch has died at age 79, CBS News has confirmed, according to a source close to the Koch family. The New York resident was suffering from deteriorating health as of late, according to a letter Koch's older brother Charles Koch sent to company officials last summer.

He wrote at the time: "We are deeply saddened by this, as we miss David's insightful questions and his many contributions to Koch Industries."

David Koch was a billionaire, industrialist, philanthropist, political activist and onetime vice presidential candidate for the Libertarian Party.

Koch and his 83-year-old brother, Charles, ran Koch Industries, one of the nation’s largest privately held conglomerates. Its investments include subsidiaries involved with manufacturing, refining and distribution of chemicals, fibers and minerals.

Their father, Fred Koch, founded the company in 1940, the year David was born.