Warren Buffett drops to lowest rank ever on Bloomberg Billionaires Index

The Berkshire Hathaway boss has been giving away blocks of the company’s stock since 2006.

Billionaire Warren Buffett dropped to his lowest rank ever on the Bloomberg Billionaires Index this week after donating nearly $3 billion worth of his Berkshire Hathaway stock to five charities.

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BRK.BBERKSHIRE HATHAWAY INC.199.48+0.22+0.11%

The donation, which included the Bill and Melinda Gates Foundation, was part of the 89-year-old CEO’s plan to eventually give all of his Berkshire stock to charity. He disclosed the annual gifts on Wednesday.

Berkshire Hathaway CEO Warren Buffett.  (Reuters)

After his latest donations, Buffett held 248,734 Class A Berkshire shares worth around $67.6 billion. Altogether, he donated nearly 16 million Class B Berkshire shares.

Buffett’s wealth now ranks below that of Google’s Larry Page and Sergey Brin, as well as former Microsoft CEO Steve Ballmer, MarketWatch reported.

WARREN BUFFETT DONATES $2.9B IN BERKSHIRE SHARES TO BILL AND MELINDA GATES FOUNDATION, OTHERS

The https://www.bloomberg.com/billionaires/, which was first released in 2012, places the Berkshire Hathaway CEO at number eight on the list – down from the top five only a month ago.

Buffett has been giving away blocks of Berkshire stock since 2006. His gifts were worth more than $37 billion based on Berkshire's share price when the gifts were given.

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This year, Buffett also estimated how much he has saved in tax deductions over the years as a result of his charitable contributions. Buffett said that for every $1,000 in contributions he has made, he has been able to reduce his state and federal income taxes by 43 cents.

The Associated Press contributed to this report.

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