Billionaire Warren Buffett has thrown his weight behind political candidates in the past, but the "Oracle of Omaha" is sitting this election out.

"In light of the increased usage of social media, there have been numerous fraudulent claims regarding Mr. Buffett’s endorsement of investment products as well as his endorsement and support of political candidates," the Berkshire Hathaway chairman and CEO's office said in a statement posted to the holding company's website. 

"Mr. Buffett does not currently and will not prospectively endorse investment products or endorse and support political candidates," the statement added.

The statement did not reveal which fraudulent claims have been circulating, but tamped down speculation that Buffett, a Democrat, might endorse Vice President Kamala Harris against former President Donald Trump for the 2024 presidential election.

Buffett has been critical of Trump in the past and backed Hillary Clinton over Trump in 2016. The famous investor also previously endorsed former President Barack Obama, but declined to endorse any candidate in 2020.

Berkshire Hathaway owns companies across industries, including energy, utilities, transportation, manufacturing, retail and insurance. It also has large investments in several massive companies, and has a market cap of around $1 trillion.

Buffett, 94, has led the firm since 1965 and the company's shares have gained over 5,600,000% since he took the helm. That amounts to annual returns of about 20%, nearly double the S&P 500's annualized gain with dividends.

FOX Business' Eric Revell contributed to this report.