Charlie Munger Donates $40 Million to California Museum

Charlie Munger, a long-time business partner of Warren Buffett, has made a generous donation of $40 million to the Henry E. Huntington Library and Art Museum in San Marino, California. Munger gifted 77 Class A Berkshire Hathaway shares, valued at over $40.3 million, to support the museum’s initiatives. This isn’t his first contribution to the museum; ten years ago, he donated nearly $33 million worth of Berkshire stock for the construction of an education and visitors center. Now, the latest donation will be used to build over 30 residences to accommodate visiting scholars conducting research at the museum, allowing them to avoid the costly Los Angeles rental market. The fulfillment of this long-time dream is set to benefit scholars studying at the Huntington, which offers educational programs for an entire school year.

After steadily giving away his fortune, Munger, who is about to turn 100, no longer holds billionaire status. His dedication to philanthropy led to the creation of a charitable trust in 2010, funded with approximately $1 billion of his stock after his wife passed away. Munger currently retains 4,033 Class A Berkshire shares, having previously possessed 15,911 shares in 2000, which would now be valued at over $8.3 billion if he had not divested.

Known for his quick wit and acerbic demeanor, Munger has been a major influence in the success of Berkshire Hathaway. He shares a close bond with Buffett and frequently lightens the mood during shareholder meetings. He once referred to cryptocurrencies as “evil” and “stupid,” predicting they will eventually lose all value. With holdings that include BNSF railroad, Geico insurance, and various major utilities, Berkshire Hathaway is a conglomerate that Munger helped develop. While the company is based in Omaha, Nebraska, Munger has primarily resided in southern California, making his charitable contributions primarily focused on the West Coast.

Source: Warren Buffett lieutenant Charlie Munger gives $40 million in stock to Southern California museum