On the Bloomberg Billionaires Index, legendary investor Warren Buffett first lost because of his strategies which for years has many followers and now as per the latest news, he has toppled to the lowest ever eight rank on the index since its introduction.
This time due to his $2.9 billion gift this week as philanthropy gesture of giving away Berkshire Hathaway shares worth over $37 billion since 2006. Also, the company's underperformance is also one reason. In the month of June, on the index he held the fifth position
And in a matter of few weeks, ace investor Buffett was first surpassed by Steve Ballmer, former Microsoft CEO and this week by Google co-founders Larry Page and Sergey Brin.
So, primarily seven of the world's wealthiest owe their fortunes to the sector that includes Jeff Bezos who ranks on the top as well as Ballmer who added $18 bn.
As per the Buffett's latest letter to shareholder he expected that it will now only take 12-15 years tome for his estate to give away all of the company's shares he is in hold of at the time of his death.