Linda and the rest of his family were at his bedside when he died at home, a Saturday statement from the band said. He died at the age of 64. Three years ago, the guitarist and songwriter had put an end to his career for health reasons.
It's been a hard time for the family, as they lost their brother George in October, Rolling Stone reports.
The legendary band announced that Young had died on their Facebook page early this morning (Nov. 18) with a heartfelt tribute and black-and-white photo of Young. Malcolm's younger brother Angus, 62, is famous for the on-stage antics that he performs while wearing a schoolboy's uniform.
The post continues, "He always stuck to his guns and did and said exactly what he wanted". He took great pride in all that he endeavored.
Angus Young (L) and Malcolm Young (R) of the Australian rock band AC/DC are pictured September 15, 2000.
"His loyalty to the fans was unsurpassed", he wrote.
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"It is with deepest sorrow that we inform you of the death of Malcolm Young, beloved husband, father, grandfather and brother", read a statement posted to the band's website. "As a brother, it is hard for me to say with words what he has meant in my life. He leaves behind an enormous legacy that will live on forever".
Young was a visionary rhythm guitarist, who also served as the band's backing vocalist and songwriter.
Young and the other members of AC/DC were inducted into the Rock and Roll Hall of Fame in 2003.
His younger brothers had a longer road to the top, and slogged it out before tough crowds in Australia's bars before connecting with Scottish-born singer Bon Scott and releasing their first two albums, initially only in Australia, in 1975: "High Voltage" and "T.N.T".
But it was the 1979 studio album, "Highway to Hell", that propelled the band to hard rock fame. Singer Brian Johnson joined the band in Scott's stead; when Back in Black was released, it went to No. 4 on the Billboard album chart, and eventually sold 22 million copies in the USA alone. Angus quickly became one of rock's most unusual frontmen, and the contrast between his schoolboy clothes and the band's crushing riffs only made them seem heavier.