Billionaire investor Charlie Munger, who was Warren Buffett’s long-time friend and right-hand man, has passed away at the age of 99. Berkshire Hathaway, where Munger served as vice president, reported in a press release that he died “peacefully” in a California hospital. No cause of death has been provided. Munger was a key figure in the investment world and his impact went far beyond investing.
Munger, known as “Charlie,” was born on January 1, 1924, in Omaha, Nebraska. He served in the US Army during World War II and graduated with honors from Harvard Law School. He then practiced law in real estate in Southern California. Wall Street mourned his death and highlighted his amazing career at Berkshire Hathaway.
Warren Buffett, CEO of Berkshire Hathaway, expressed his deep sorrow and said that Munger played a significant role in the company’s success. Mohamed El-Erian, chief economic advisor at Allianz, also paid tribute to Munger’s influence and collaboration skills.
Munger had a notable net worth of $2.7 billion, according to Forbes. His investment insights were highly regarded, and he recently commented on global markets, including Warren Buffett’s decision to invest billions of dollars in Japan.
Munger met Buffett in 1959 and the two quickly struck up a friendship. Munger officially joined Berkshire Hathaway as vice president in 1978 and was known for his sharp sense of humor and blunt advice about the stock market and economy.
Despite his successful career, Munger was embroiled in controversies toward the end of his life, particularly due to his praise of China’s communist government, despite criticism from Western governments regarding human rights violations. CNN has reached out to Berkshire Hathaway for comment.
Munger leaves behind a remarkable legacy in the investment world, and his passing has left a void for many investors and colleagues. His contributions to Berkshire Hathaway and his unique insights will be greatly missed.
CNN’s Nicole Goodkind contributed to this report.