Tun Mahathir Mohamad was sworn in as Malaysia’s seventh Prime Minister, after a five-hour long wait at the Palace on Thursday, the same day that outgoing premier Najib Razak said he had accepted the will of the people following Barisan Nasional’s (BN) shock defeat that ended the Umno-led pact’s six decades in power. Mahathir ruled Malaysia with an iron fist from 1981 to 2003 and now, with a second inning at the age of 92, is the oldest elected leader in the world. Malaysian markets were closed and will reopen only on Monday, but overseas investors were nervous about the ouster of Najib, who has been in power for nearly a decade. The ringgit lost four percent in offshore trading, while an overseas Malaysian equity fund showed a 6 percent drop in share values.