Investor Charles Munger, a longtime business partner of Warren Buffett, died on Tuesday morning at the age of 99.
Berkshire Hathaway said in a press release that family members of Munger informed the company that the investor died “peacefully” in a California hospital on Tuesday morning. The release did not include details about the cause of death.
Munger had been friends with Buffett since the pair met at a dinner party in Omaha, Neb., in 1959. Munger officially joined Berkshire Hathaway as vice chairman in 1978, where he typically worked in the background as Buffett’s righthand man.
“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in the press release.
Munger was born on Jan. 1, 1924, in Omaha. He went on to serve in the military during World War II and later graduated from Harvard Law School. He moved to practice law in southern California, which is what he was doing when he met Buffett for the first time.
Munger and Buffett shared similar investment aspirations and bought into the same companies during the 1960s and 1970s. Munger was also previously the chairman of the Wesco Financial Corporation, which was later acquired by Berkshire Hathaway. He was also the chairman of the Daily Journal Corp. and a board member of Costco Wholesale Corp.
At one point, his fortune was estimated to be more than $2 billion, but that number decreased as he gave millions in philanthropic efforts. Just last month, he gave a $40 million gift to the Henry E. Huntington Library and Art Museum in San Marino, Calif.
He also gave gifts worth millions to numerous higher education institutions, including the University of Michigan and Stanford University.
The Associated Press contributed.