Charlie Munger has died at the age of 99.
Munger, the longtime business partner and friend of Warren Buffett, died on Tuesday, according to a statement from investment firm Berkshire Hathaway, where Munger served as vice chairman.
Munger stepped into the role in 1978 and has worked alongside Buffett, Berkshire Hathaway’s CEO, ever since, according to Barron’s. He is credited with transforming the firm into the $780 billion behemoth it is today.
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“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom, and participation,” Buffett said in a statement.
Munger’s passing comes just before what would have been his 100th birthday on New Year’s Day.
Who is Charlie Munger?
Charlie Munger was born Charles Thomas Munger on January 1, 1924, in Omaha, Nebraska. He served in the U.S. Army during World War II before attending Harvard Law School and graduating in 1948, per CNN.
He moved to California to practice real estate law and founded a law firm, Munger, Tolles & Olson, in 1962, according to CNBC. That same year, he also founded a hedge fund, Wheeler, Munger & Co., to manage investments.
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Munger closed his hedge fund in 1975, three years before stepping into the role of vice chairman of Berkshire Hathaway next to Buffett.
Munger and Buffett have been longtime friends since they met in 1959.
In addition to his work at Berkshire Hathaway, he was chairman of the Los Angeles newspaper publisher the Daily Journal from 1977 through 2022.
Munger is also a well-known philanthropist. He’s donated $43.5 million to Stanford University to help build the Munger Graduate Residence, per CNBC, and $200 million to the University of Southern California. In total, he’s donated at least $550 million to charities, according to The Chronicle of Philanthropy.
His net worth was $2.2 billion at this time of death.
