He's not a real scientist. Real scientists would realize and admit their mistake. In fact, a real scientist would WANT people to find the flaws in their work so that the can fix and improve it.

Publish it! A) you'd be helping science a ton and B) If you do get fired I'm sure you'd get millions from discovering a new formuls

Go ahead and publish. If he can't take it, then he's not doing science.

Tell him you want a raise for your silence. And a yearly cruise to the Bahamas, and whatever else you can milk out of him!

Who cares what he does! Publish it and get a better job!

I'd say it's your responsibility to publish your work OP. Just as I'd say your colleague has failed to understand that in the scientific field you must be willing to acknowledge when your theory has been disproven and welcome criticism with open arms so that you may revise and improve. That is how progress is made.

You need to publish it as quickly as possible. My cousin is a physicist and discovered something, but he can't disclose what it is until it's published due to the cutthroat community. If you don't publish it, someone else could steal it, and that includes your boss.

Am I the only one thinking that maybe OP is just a Phd student and quitting may not be an option?

You must publish it. That is the only way of science, screw him and his ego!

Publish your findings and contact the media and ruin the guy's reputation.