Petty, usually backed by his longtime band the Heartbreakers, was known for such hits as "Free Fallin, '" "Refugee" and "American Girl". He said that the rocker was rushed to the hospital after having suffered a cardiac arrest that morning, then died around 8:40 p.m. PT.
Former bandmates, rock "n" roll royalty, and fellow collaborators all reacted with kind words and tributes expressing shock and sadness at their friend's untimely passing.
Dylan said in a statement to Rolling Stone: "It's shocking, crushing news". After that band broke up, Petty and several of its members formed Tom Petty and the Heartbreakers, which catapulted him to the forefront of rock music for the next 40 years.
The late musician had just finished the last show of his most recent tour on September 25 at the Hollywood Bowl, The Wrap reports.
TOM PETTY AND THE HEARTBREAKERS: (Singing) See those fault lines laid out like landlines.
"I'm thinking it may be the last trip around the country", Petty said to Rolling Stone of the anniversary tour past year.
And while he's a bit down today after the rocker's death, as he picks up his guitar and plays a petty tune, gold feels more connected to the legend than ever before.
On top of that, nearly one in five songs on the top 100 singles chart - 19 in total - were by Petty and his band. I'd be lying if I didn't say I was thinking this might be the last big one.
Tom Petty's daughter has paid tribute to her late father with a series of emotional posts on Instagram. Cameron Crowe, the director behind films such as Say Anything, Jerry Maguire and Almost Famous, tells host Tom Power that he would have never picked up a camera if it wasn't for Petty.
Following the minute of silence, Peter Buck joined the band for this wonderful rendition of Freefalling by Tom Petty. "I think anybody should be able to pick up an instrument and jump around".