Man surpasses Elon Musk's wealth, becomes world's richest person for 7 minutes

A YouTuber has laid claim to have become the world's richest person, surpassing the wealth of Tesla CEO Elon Musk. However, his run as the world’s richest was short-lived, for just 7 minutes, to be exact, Max Fosh, who abused the market capitalisation loophole, also figured that he needed to dissolve his company right away as he was being held accountable for fraud.

Max Fosh has posted a video of how he made this happen and also why he had to close his company down. On paper, he claimed, he was the world's richest person for 7 minutes.

The video displayed how he had started a firm, "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," Mr Fosh said, explaining the procedure. But he needed a name for the company, which should end with "Ltd". So, he mockingly named the venture 'Unlimited Money Ltd'.

Now, he had to make a decision on what would be the company for - manufacturing macaroni, noodles, couscous and similar farinaceous products. "I don't know what farinaceous means, but that's what the company does," he said.

After that were shares. He decides on 10 billion. "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 said.

Although, finding investors was difficult. The YouTuber starts his shop, with two chairs and a table, on a London street.

"Despite my energetic pitch, the no's kept on coming," he says.

However, following the first misfortune, he found his 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."

Shortly, trouble came by. The video displayed Fosh getting a letter, probably from the authorities. It read, "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."

Max Fosh did exactly that. But for just 7 minutes, the YouTuber claimed to have been the world's richest person.

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