The vice chairman of multinational holding company Berkshire Hathaway has described cryptocurrency and artificial intelligence (AI) as “overrated” and “stupid.”
Charlie Munger, the billionaire vice chairman of Berkshire Hathaway, has died. He was 99 years old.
Munger has been a key figure at Berkshire since 1959, playing a pivotal role in growing the company into a global conglomerate with a market capitalization of $784 billion.
Munger served as vice chairman along with Warren Buffett and contributed greatly to the company’s success.
Munger was a multifaceted figure, co-founding Munger, Tolles & Olson in California and later serving as chairman of Wesco Financial Corporation, a Berkshire Hathaway subsidiary.
Munger and Buffett, known for their insightful investment philosophies, have been fierce skeptics of cryptocurrencies.
Although the two often advocate for ethical business standards and distance themselves from problematic businesses at discounted prices, they also stress the importance of investing in businesses at fair prices and condemn speculative investments such as Bitcoin.
Born in Omaha, Nebraska, on January 1, 1924, Munger’s journey included serving in the U.S. Army Air Corps, studying at the California Institute of Technology, and earning a law degree from Harvard Law School.
His philanthropy in education extended to donations to the University of Michigan Law School, Stanford University, and the University of California, Santa Barbara.
His critical stances on cryptocurrencies and artificial intelligence have drawn attention, with Munger calling them both “hyperbolic” and “stupid.”
According to Forbes, Munger’s net worth at the time of his death was $2.7 billion.