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Breaking news: Charlie Munger, friend and business partner of Warren Buffett, dies | CNN Business

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Charlie Munger, a billionaire and long-time friend and business partner of Warren Buffett, has died. He was 99 years old.

Berkshire Hathaway said in a press release that Munger passed “peacefully” on Tuesday morning in a California hospital. No cause of death was given.

Charles Thomas Munger, known by his nickname, “Charlie,” was born on January 1, 1924, in Omaha, Nebraska. Munger served in the US Army during World War II after leaving the University of Michigan in 1943 at the age of 19. Following the war, Munger attended Harvard Law School and graduated with honors in 1948 and moved to Southern California where he practiced real estate law.

“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” CEO Warren Buffett said in the release.

“For so many decades, the two of them led an investment powerhouse that significantly improved so many people’s lives … and, in the process, they repeatedly showcased the prowess of collaboration, synergies, and common sense. May you RIP, Charlie,” said Mohamed El-Erian, Allianz chief economic adviser, in a post on X.

Munger met Buffett in 1959 at a dinner when Munger was in Omaha for his father’s funeral. Munger and Buffett struck up a fast friendship.

Buffett told CNBC in 2021 that after their first meeting he knew “I’m not going to find another guy like this …. We just hit it off.”

Munger ‘in love with the Xerox machine’

Munger officially joined Berkshire Hathaway as a vice chairman in 1978, and for most of his career there was best known as the wise-cracking lieutenant to Buffett, prone to deliver blunt advice about the stock market and economy.

But toward the end of his life, Munger was often in the headlines due to controversies. Munger often spoke highly of China’s communist government, which Western governments have criticized for human rights violations. He praised the country despite its crackdown on Chinese tech giant Alibaba, which was a top Munger investment at Daily Journal.

CNN has reached out to Berkshire Hathaway for comment.

This is a developing story and will be updated.

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