India, Nov. 21 -- From leadership shake-ups to on-stage falls, the 2025 edition of Miss Universe has been one wild ride. Here's a recap of everything that went down before Mexico's Fatima Bosch finally walked away with the crown in Bangkok today (November 21).

Miss Universe kicked off the season with a surprise corporate twist. The organisation announced a new CEO, former diplomat Mario Bucaro, just days before the pageant replaced the original CEO Anne Jakrajutatip. Anne had bought the Miss Universe brand in 2022 for $20 million and made history as its first woman (and first trans woman) owner.

Anne had promised to usher in a "new era" for women's empowerment, declaring, "From now on, it's going to be run by women, owned by a trans wom...