The YouTuber that became the richest man in the world for 7 minutes.
A few days back, a UK-based YouTuber, Max Fosh, became richer than Elon Musk.
For context, Elon Musk is the world’s richest man and is currently worth $233.6 billion as of today.
But Fosh surpass that mark with an extra $446.4 billion making him the first person on planet earth whose net worth was valued at $680 billion.
Almost 2X the net worth of the top 10 richest people on earth.
However, Max Fosh’s glory only lasted for 7 minutes and in the 8th minute, he was back to his normal position- a relatively unknown person.
But how did this happen?
To understand the story better, you might want to know how the richest people are ranked:
Let’s say you have a company that is listed on a publicly-traded platform like the Nigeria stock exchange, that means your company has issued shares to the public for sales, then if your company issued 10 million shares to the public at $50 per share, the value of your company is $500, 000, 000
Yes, $500 million.
If you owned 100% of your company, this instantly become your net worth.
If you owned 50%
Then you are worth $250 million.
Now, that is where it gets interesting.
Max Fosh got wind of this idea and formed his own company.
He named it “Unlimited Money Limited”
With that, he issued 10 billion shares of his company at £50 per share.
If you do the math, that instantly lifted his net worth to $680 billion overnight.
Interesting, a woman even purchase a share of his company and he was about to cruise to victory until his valuation advisor informed him that it might amount to fraudulent activity.
He literally became the world’s Richest man for 7minutes.