Bill Gates announced he would give away the majority of his fortune and close the Gates Foundation by 2045. Just two months later, his net worth fell $51 billion — a 30% drop — from No. 5 to No. 12 on the Bloomberg Billionaires Index. “There are too many pressing issues to address,” he wrote, adding that he refused to be remembered as someone who “died rich.”

Microsoft founder’s net worth drops nearly 30% after promise to donate fortune in 20-year window

In just a few days, Gates reduced his net worth by a staggering $51 billion—almost 30 percent of his remaining wealth—after recently announcing plans to give away virtually all his fortune in the next two decades.

The Microsoft co-founder’s net worth, which stood at $175 billion on July 3, dropped to $124 billion on Thursday, following an updated calculation by the Bloomberg Billionaires Index.

The 69-year-old philanthropist revealed in May that he planned to donate his wealth through the Gates Foundation and then close the organization he co-founded with ex-wife Melinda French Gates by the end of 2045.

Bill Gates has donated nearly 30 percent of his remaining wealth last week. (Photo by Jeff J Mitchell / Getty Images)

Gates, who held the title of world’s richest man for 18 years, has now slipped to 12th place in the Bloomberg rankings, right behind fellow tech mogul Michael Dell.

Among those who now outrank him is Gates’ former right-hand man at Microsoft, Steve Ballmer, who now sits at No. 5 with a net worth of $173 billion.

Steve Ballmer, Bill Gate’s former right hand mand and owner of the Los Angeles Clippers, now outranks the Microsoft founder in Bloombergs Billionaires Index. (Amy Sussman/WireImage / Getty Images)

Gates’ shrinking fortune is largely a result of his commitment to give away his wealth before he dies.

“People will say a lot of things about me when I die, but I am determined that ‘he died rich’ will not be one of them,” Gates wrote in a May 8 blog post. “There are too many urgent problems to solve for me to hold onto resources that could be used to help people.”

The Gates Foundation, co-founded by Melinda French Gates, has donated more than $100 billion since 2000. (Noam Galai/Getty Images for Clinton Global Initiative / Getty Images)

Gates said his decision was also inspired after seeing firsthand the real-world impact of the foundation’s efforts, such as distributing vaccines for preventable diseases that continue to kill people in the developing world.

It also came in response to what he described as a stalling of humanitarian progress, citing cuts in U.S. foreign aid and reduced global humanitarian funding.

The foundation, one of the world’s largest charitable organizations, has reportedly given away more than $100 billion since its inception.