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Do you believe in UFO’s? UFO is an acronym which stands for Unidentified Flying Object. UFO’s are the source of much controversy because of all the conspiracy theories surrounding them and the mystique about UFO’s and alien life. Have you ever seen a UFO? Kenneth Arnold, an American business man, claimed that he saw a UFO in 1947 which was shaped like a disc. This is considered to be the first wide-reported sighting of a UFO. After this, he became a minor celebrity and even interviewed other people who claimed that they saw UFO’s as well. Because of the money and fame that this brought him, some people considered his story to be a hoax.