Investor Charlie Munger, who has been Warren Buffett’s right-hand man for over five decades, has made a generous $40 million gift to the Henry E. Huntington Library and Art Museum in California. This is not the first time Munger has supported the museum, as he had previously given them nearly $33 million worth of Berkshire stock to contribute towards a new education and visitors center.
The recent gift consists of 77 Class A Berkshire Hathaway shares, which, based on the closing price of $523,545.06 per share, amounts to a value of more than $40.3 million. While the specific purpose of this donation has yet to be disclosed, it highlights Munger’s ongoing commitment to philanthropy.
Over the years, Munger has steadily given away a significant portion of his fortune, resulting in him losing his billionaire status long ago. After his wife passed away, approximately $1 billion of his stock was placed into a charitable trust in 2010.
Despite his generous contributions, Munger still retains 4,033 Class A Berkshire shares. However, if he had held onto the 15,911 shares he owned back in 2000, they would be worth over $8.3 billion today.
Turning 100 years old in January, Munger is known for his quick wit and direct opinions. He often humorously remarks that he has nothing more to add after Warren Buffett’s lengthy responses during Berkshire’s shareholder meetings. Nevertheless, Munger’s insights are noteworthy, as he has referred to cryptocurrencies as “evil” and “stupid” with the belief that they are likely to become worthless and pose a threat to society.
Munger played an instrumental role in helping Buffett build Berkshire Hathaway, which encompasses a diverse range of businesses, including BNSF railroad, Geico insurance, major utilities, and popular brands like See’s Candy and Dairy Queen, among others. While Berkshire’s headquarters are in Omaha, Nebraska, where Buffett resides, Munger has lived in Southern California for a long time, leading him to focus much of his charitable endeavors on the West Coast.