Billionaire Charles Koch Shares His Secret Plan To Pass On His Fortune And Influence | IMF Lowers 2024 Growth Forecast Due to Global Economic Headwinds | Joe Lieberman Advocates for New U.S. Approach to Iran | Former Apple Employee's Mexico Restaurant Success

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Billionaire Charles Koch Shares His Secret Plan To Pass On His Fortune And Influence - Forbes

“He's not going to retire,” says Chase Koch, 46, of his father Charles, the 87-year-old chairman and co-CEO of their family’s $125 billion (2022 revenue) Wichita, Kansas conglomerate, Koch Industries. “I think he's still got a long road ahead of him, because he takes care of himself. He's disciplined, he works out six days a week, and he's pretty healthy, knock on wood.”

That hasn’t kept Charles, a surprisingly folksy, Midwestern grandpa–who has been accused of corrupting American politics–from carefully planning what happens after he’s gone. In an exclusive interview with Forbes, he explains that he has already transferred to Chase and to his daughter Elizabeth Koch, 47, equal amounts of his nonvoting Koch Industries shares. The rest will go to fund his free-market focused charities and causes, after his wife, Liz, 78, is provided for. Charles won’t disclose the exact breakdown, but he has already quietly transferred $5.3 billion of nonvoting stock to a pair of nonprofits that will support his vision for human progress. Forbes estimates those shares account for nearly a tenth of the 42% stake previously held by Charles (though he still has 42% voting power).

After Charles’ death, Chase will get all his father’s voting stock, giving him 42% control of Koch Industries. The second largest private company in America, Koch has evolved into more of a technology enterprise over the last decade with the acquisitions of businesses like electronics manufacturer Molex for $7.2 billion in 2013 and software firm Infor for a reported $13 billion in 2020. The conglomerate’s oil refinery business–once its main economic engine–now accounts for less than 5% of its deployed capital, though it still provides an outsized portion of its profits.

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IMF cuts its 2024 growth forecast as world economy loses momentum in the face of high interest rates and Russia’s war in Ukraine - Fortune

The world economy has lost momentum from the impact of higher interest rates, the invasion of Ukraine and widening geopolitical rifts, and it now faces new uncertainty from the war between Israel and Hamas militants, International Monetary Fund warned Tuesday.

The IMF said it expects global economic growth to slow to 2.9% in 2024 from an expected 3% this year. The forecast for next year is down a notch from the 3% it predicted back in July.

The deceleration comes at a time when the world has yet to fully mend from a devastating but short-lived COVID-19 recession in 2020 and now could see fallout from the Middle East conflict — particularly to oil prices.

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Joe Lieberman Calls For New U.S. Approach To Iran In Wake Of Hamas Attack On Israel - Forbes

Former Connecticut Senator Joe Lieberman joined Forbes Newsroom to discuss the heinous Hamas assault on Israel from air, land and sea on October 7th in what was the deadliest attack that nation has seen in decades.

The former senator, who spoke to Forbes from Jerusalem, offered praise for the Biden Administration’s condemnation of the attacks, as well as the widespread bipartisan support shown to Israel.

"I think the United States’ response has been excellent and extremely supportive," Lieberman said.

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I left my job at Apple to open a restaurant in Mexico—now it brings in $9 million a year - CNBC

Growing up in Long Island, New York, Dan Defossey, 44, always thought he would go into politics.

And while Defossey did begin his career working in politics, he eventually became a teacher & Teach For America Corps Member in Texas before landing a job as an educator at Apple in New York.

He was in that position for just over three years, when he was promoted in 2009 to Head of Marketing in Education for Latin America. Defossey relocated to Mexico City.

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