A YouTuber has claimed that he became the world's richest person, with a net worth nearly twice that of Tesla founder Elon Musk, but for only 7 minutes on paper.
Max Fosh, a YouTuber with over six lakh followers, made a full video detailing how he did it and shared it on his channel with a descriptor: Come at me Elon.
Fosh, who reportedly exploited a market capitalisation loophole, Max Fosh soon realised that he needed to dissolve his company immediately as he was being accused of fraud by authorities in the UK.
The video shows him talking about how he had set up a company.
"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," Fosh said in the video.
In the eight-and-a-half-minute-long video, he creates a company from the scratch - Unlimited Money Limited. He also had to decide 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.
Fosh is quite forthcoming in the registration process as he lists “making money” under the header “What will the company be doing?”
When it came to shares, the YouTuber decided on 10 billion. He said, "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."
Now, it is time to look the part - of the world’s richest man. Fosh heads to the financial district with a table, a chair, and a bedsheet to cover the table, looking dapper in his suit and tie and glasses.
Then begins his pitch. He tries stopping passers - by, attempting to lure them with an “investment opportunity”. But even in his attempts, he is ethical as he warns prospective investors: “It is not financially a very safe investment.”
Many "no"s later, he finds luck. As a woman finally agrees to buy a share for 50 pounds. Fosh 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."
It is now time to head to the valuation advisor with the paperwork. The next day he ships the documents “to decide his fate.”
Two weeks later, he hears back from the valuation advisor. “Given the range of information provided to us, the market cap of Unlimited Money Limited has been assessed at 500 billion pounds,” he excitedly reads from the advisor’s letter to him.
But his euphoria is short-lived.
Trouble followed, as the letter added, "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."
Now, he finds himself faced with the herculean task of finding that one woman who had bought a share for him to dissolve the company, as suggested by the valuation advisor.
But he found her email on the paperwork and reaches out. Finally, with her permission, he dissolves the meeting.
The video more than 61,000 “likes” and zero “dislikes”.
