Fonda helped to write and produce the 1969 biker film and starred in it with Dennis Hopper. It instantly became a lasting symbol of the 1960s counterculture.
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He was the son of acting legend Henry Fonda, the younger brother of Jane Fonda and father of Bridget Fonda.
His family says Fonda died Friday morning at 11:05 a.m. at his Los Angeles home, surrounded by family members. They said the cause of death was respiratory failure due to lung cancer.
"In one of the saddest moments of our lives, we are not able to find the appropriate words to express the pain in our hearts. As we grieve, we ask that you respect our privacy," the family said in a statement released by their publicist.
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"And, while we mourn the loss of this sweet and gracious man, we also wish for all to celebrate his indomitable spirit and love of life.
In honor of Peter, please raise a glass to freedom."
In addition to "Easy Rider" Fonda was in dozens of films and television shows over a career spanning some six decades. He received renewed critical acclaim for his work on "Ulee's Gold" in 1997, earning an Academy Award nomination for his role as a Florida beekeeper trying to save family members from drug abuse.
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Rep. Elijah Cummings, D-Md., speaks during a luncheon at the National Press Club in Washington, Wednesday, Aug. 7, 2019. He passed away on October 17, 2019 at age 68.AP
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Keith Flint, known as the lead singer of dance-electronic band The Prodigy, has been found dead at his home at age 49.none
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Former U.S. Rep. John Dingell, the longest-serving member of Congress in American history, died Feb. 7, 2019, at age 92.none
Kristoff St. John, who played Neil Winters on ''The Young and the Restless,'' has died at age 52.none
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Luis Valbuena, a former MLB player who competed for 11 seasons, died in a car crash in Venezuela at age 33.none
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Former President George H.W. Bush died on Nov. 30, 2018. He was 94, making him the country's longest living president.none
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Sen. John McCain, who represented Arizona in the Senate since being elected in 1986 and was also the 2008 Republican presidential nominee, died Saturday at the age of 81.AP
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Aretha Franklin, the ''Queen of Soul,'' has died at age 76.none
Actress Charlotte Rae, who played the housemother on "The Facts of Life," died Sunday, Aug. 5, 2018 at age 92.none
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Richard Benjamin Harrison, who was known as ''The Old Man'' on the show ''Pawn Stars,'' died June 25, 2018.none
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Rapper XXXTentacion, also known as Jahseh Dwayne Onfroy was shot and killed in Florida on Monday. He was just 20 years old.none
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Culinary icon Anthony Bourdain was found dead of an apparent suicide, CNN reported on June 8, 2018. He was 61.none
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NASA astronaut Alan Bean, the fourth man to walk on the moon, died May 26 in Houston, according to his family. He was 86.Creative Content
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American author and journalist Tom Wolfe, Jr. has died at age 87. He was known for ''The Right Stuff'' and ''Bonfire of the Vanities.''none
Margot Kidder, shown here in 1978, has died at age 69. The actress was best known for playing Lois Lane opposite Christopher Reeve in ''Superman.''none
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DJ and producer Avicii has died at age 28, his publicist confirmed.none
Former first lady Barbara Bush passed away on April 17, 2018. She was 92.none
Carl Kasell, longtime NPR broadcaster known for ''Morning Edition'' and ''Wait, Wait ... Don't Tell Me!'' died at age 84 on April 17, 2018.none
Actor Harry Anderson (pictured in 1990) was found dead on April 16, 2018 at age 65. He was best known for the comedy series ''Night Court.''none
Actor R. Lee Ermey died on April 15, 2018, from complications of pneumonia.none
Yvonne Staples of the family gospel group Staples Singers died at age 80.none
Winnie Mandela, an anti-apartheid activist who was married to the late South African President Nelson Mandela, has died.none
Television writer/producer Steven Bochco poses for a portrait in his Santa Monica office in this Aug. 17, 2016 file photo.AP
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Toys "R" us founder Charles Lazarus poses for a photograph in 1990.none
Frank Avruch, a TV personality known for playing Bozo the Clown, died at 89 at his Boston home from heart disease.none
File: Queen Latifah, left, and her mother Rita Owens attend VH1's ''Dear Mama'' Mother's Day Special taping at St. Bartholomew's Church in New Yorknone
British physicist Stephen Hawking attends the 2010 World Science Festival opening night gala performance at Alice Tully Hall on Wednesday, June 2, 2010 in New York. (AP Photo/Evan)none
Rapper Craig Mack (shown above in 2004) died March 12, 2018 at age 46. The rapper was best known for his platinum 1994 hit ''Flava in Ya Ear.''none
Evangelist Billy Graham has died at age 99, ABC News confirmed.none
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John Mahoney, known for his role as Martin Crane on “Frasier,” died on Feb. 5, 2018, at the age of 77.none
Dennis Edwards attends the 26th Annual Heroes and Legends Awards held at The Beverly Hills Hotel on Sunday, Sept. 27, 2015, in Beverly Hills.AP
Former 'Glee' star Mark Salling, who had been awaiting sentencing on child porn charges, died in Los Angeles area, his attorney confirmed to the Associated Press.none
Naomi Parker Fraley (shown left in 1942) was believed to be the inspiration for the Rosie the Riveter campaign. She died Jan. 20, 2018 at age 96.none
Edwin Hawkins, the gospel singer best known for ''Oh Happy Day,'' died Jan. 15, 2018 from pancreatic cancer. He was 74.none
Dolores O'Riordan, the frontwoman of Irish softrock group Cranberries, died Monday, Jan. 15, 2018 at age 46. The cause of death wasn't immediately available.none
Keith Jackson arrives at 66th Annual DGA Awards Dinner at the Hyatt Regency Century Plaza Hotel on Saturday, Jan. 25, 2014, in Los Angeles, Calif.AP
Photo of MOTORHEAD; 'Fast' Eddie Clarke performing on stage at the Electric CircusCreative Content
Jerry Van Dyke appears on 'The Dick Van Dyke Show' Dec. 1, 1964.none
NASA astronaut John Young flew twice to the Moon, walked on its surface and flew the agency's first Space Shuttle mission. NASA announced his death at the age of 87 on Jan. 6.none
Mystery writer Sue Grafton, known for her series in which each book title begins with a letter from the alphabet, died on December 28, 2017.AP