Youtuber Max Fosh became the world’s richest person, with a net worth nearly twice that of Tesla founder Elon Musk, albeit for a period of seven long minutes. The UK-based YouTuber who has over six lakh followers, made a full video detailing how he created his company and shared it on his channel.
Max Fosh soon realised that he needed to dissolve his company immediately as he was being accused of fraud by authorities in the UK. He has shared a video of how he made this happen and also why he had to shut his company down. Though he claims, he was the world's richest person for 7 minutes on paper.
The Youtube video shows how he had set up his company, Fosh explains, "in the UK, it's quite easy to set up a company. There's something called the company's house, and you essentially fill a form." He needed a name for the company, which must end with "Ltd." So he named his business venture 'Unlimited Money Ltd'. The next step was to decide what the company would do, for instance - manufacturing macaroni, noodles, couscous and similar "farinaceous" products. To which he said, "I don't know what farinaceous means, but that's what the company does."
The next step was deciding shares in his business venture and he decides on 10 billion. In his Youtube video, he explains, "if I created and registered a company with 10 billion shares, and then sold one of those shares for 50 pounds, that would legally value my company at 500 billion pounds, thus making me the richest man in the world, absolutely decimating my nearest rival Elon Musk."
Fosh set up his shop, with two chairs and a table, on a London street but soon realised that finding investors would not come easy. "Despite my energetic pitch, the no's kept on coming," he says.
Following minor initial setback, he managed to find his very first investor - a woman who bought one share for 50 pounds. He asks her, "Why would you like to invest in this company?" She replies, "On a whim, I feel like it's meant to be, and I'll get something from it eventually."
However, very soon, trouble follows, as Fosh shares that he received a letter, presumably from the authorities, which reads, "given the range of information provided to us, the market cap of Unlimited Money Ltd has been assessed as 500 billion pounds. Due to lack of revenue activity, there is a high likelihood that you are being accused of fraudulent activity. It is the reason we highly recommend Unlimited Money Limited is dissolved as a matter of urgency."
With this, the Yotuber decides to dissolve his short-lived business venture. But for the period of those 7 minutes, he claimed to have been the world's richest man.
Watch the video here:
The Youtube video managed to draw a lot of attention and the entire episode also led to a discussion thread – Becoming the World’s Richest Man For 7 Minutes – on Reddit.
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First Published:
18 Feb 2022, 12:50 PM IST
Business NewsNewsWorldThis man claims he became richer than Elon Musk for 7 minutes
