The longtime vice chairman of Berkshire Hathaway and close friend of famed investor Warren Buffett, Charlie Munger, has passed away at the age of 99.

Berkshire Hathaway, the conglomerate Munger helped transform alongside Buffett, announced his passing on Tuesday.

“Charlie Munger’s inspiration, wisdom and participation have been instrumental in building Berkshire Hathaway to its present status,” Buffett stated in a tribute.

Munger, born and raised in Omaha, Nebraska, met Buffett as adults in 1959 and forged a lasting friendship that spanned over six decades.

Joining Berkshire Hathaway as vice chairman in 1978, Munger played a pivotal role in its evolution from a modest textile company to a global conglomerate now valued at over $780 billion.

In contrast to Buffett’s vast wealth, Munger’s net worth is estimated at a more modest $2.6 billion, with a significant portion donated to charity throughout his lifetime.

Munger remained active at Berkshire Hathaway until his passing and would have turned 100 on January 1, 2024.

In a 2017 interview, Buffett acknowledged Munger’s profound influence on his investment philosophy.

“Charlie refined my investment approach in a significant way,” Buffett stated. “He instilled the importance of identifying quality companies and making investments with a long-term horizon, rather than chasing short-term gains.”

“Despite our strong personalities, we have never had an argument,” Buffett continued. “Working with Charlie has been an absolute joy.”