UK-based Youtuber Max Fosh claimed that he was the world’s richest person for seven minutes, dethroning Elon Musk. According to the YouTube video, he exploited a market capitalization loophole and that it was easy to set up a company in the UK. The video includes how he did it, along with a statement saying that he had to dissolve it as he was accused of fraud by the authorities of the UK. Technically Max Fish claims he was the world’s richest man for seven minutes on paper.
Fosh has over six lakh followers on his YouTube channel. The video shared by him shows that he set up his company and dissolved it immediately as he was accused of fraud. In the video, he stated, “There’s something called the company’s house and you essentially fill a form.”
Mockingly, Fosh names his company “Unlimited Money Ltd”. Then decides that his business will be doing things like manufacturing macaroni, noodles, couscous, and other similar “farinaceous” products. Later Fosh did confess to not knowing the meaning of the word “farinaceous” however stated that it is what his company did.
How did the company dissolve?
Basically, Fosh was not in a situation to sell his company as it was built based on vague details. Despite the paper showing that he was the world’s richest man for those seven minutes though he couldn’t have sold or received any usable wealth during that time. Except for the one woman who agreed to buy one share for £50 “on a whim”. Attracting investors with a piece of paper within 7 minutes is an almost impossible task.
Once he set up the company he decided to add value to his shares, stating that the shares of his business venture kept by him were worth 10 billion. Each share value was added as £50, thus bringing the market capitalization of his company to £500 billion. With that, he claimed to dethrone the closest rival, Elon Musk.
After the market value of the company increased, Fosh received a letter from the UK authorities. They informed him of the assessed £500 billion without much revenue activity, raising suspicion of fraud. The authorities stated, “It is the reason we highly recommend Unlimited Money Limited is dissolved as a matter of urgency,”
Fosh then had to shut the business venture that he created. The video gained a lot of attention and is showing 800,574 views currently. It let to a discussion on Reddit stated, “Becoming the World’s Richest Man for 7 minutes.”