Berkshire Hathaway vice chair Charlie Munger passes away at age 99

The vice chairman of multinational holding company Berkshire Hathaway once described cryptocurrency and artificial intelligence as “overhyped” and “stupid”.

Charlie Munger, the billionaire vice chairman of Berkshire Hathaway, has died. He was 99.

Munger, an integral force at Berkshire since 1959, played a pivotal role in shaping the company into a global conglomerate with a market capitalization of $784 billion.

Munger served as vice chairman alongside Warren Buffett, contributing significantly to its success.

Munger was a multifaceted figure, co-founding Munger, Tolles & Olson in California and later chairing Wesco Financial Corporation, a Berkshire Hathaway subsidiary.

Renowned for his insightful investment philosophies, Munger — as well as Buffett — were fierce skeptics of cryptocurrencies.

While the pair often advocated for ethical business standards and steered away from troubled businesses at a discount, they often emphasized the importance of investing in businesses at fair prices, and denounced speculative investments like Bitcoin.

Born on Jan. 1, 1924, in Omaha, Nebraska, Munger’s journey included a stint in the U.S. Army Air Corps, studies at Caltech, and a law degree from Harvard Law School.

His philanthropic focus on education extended to contributions to the University of Michigan Law School, Stanford University and the University of California, Santa Barbara.

His critical stance on cryptocurrencies, as well as artificial intelligence, earned attention, with Munger referring to both as “overhyped” and “stupid.”

At the time of his passing, Munger had a net worth of $2.7 billion, according to Forbes.