Vietnam trader loses $18 billion after EV Maker shares sank

(Bloomberg) — After an astronomical rally on its first trading day, VinFast Auto Ltd. Now to the ground – erasing a large chunk of its billionaire founder’s fortune.

Most Read from Bloomberg

The Vietnamese electric car maker has fallen sharply over the past three trading days in New York, chipping away at more than half of the 255% gain it made on Tuesday when it listed on Nasdaq Global Select Market.

Chairman and founder Pham Nhat Vuong, who controls all but a handful of the company’s shares, has seen his net worth drop nearly 53% to $21 billion, according to the Bloomberg Billionaires Index.

VinFast’s market capitalization also slumped, dropping to $37.4 billion from its peak of $85 billion, when it was briefly ahead of General Motors despite being on track to generate fewer sales this year than GM does in a week.

Large fluctuations in stock prices were expected. Vuong controls 99% of VinFast shares, mostly through his business conglomerate, Vingroup JSC. This leaves a small portion of other investors to trade, which means that even relatively small transactions can have a significant impact on the price.

However, Vuong doesn’t hurt. Since Bloomberg Index didn’t account for his stake in VinFast until the company completed its merger with the blank-check company this week, he’s still richer than he was before the listing.

On paper, he earned close to $40 billion on his first trading day – one of the biggest leaps in wealth the index has ever recorded.

— with assistance from Tom Maloney.

(Updates to reflect Friday trading)

Most Read from Bloomberg Businessweek

© 2023 Bloomberg LP

Related Posts

Sad News

“Roberto Cavalli’s Company Confirms His Passing at 83” The self-titled fashion company of Roberto Cavalli announced his passing with great sadness on Instagram last Friday. Cavalli, born in Florence, Italy…

Read more

Celine Dion’s Battle with Stiff Person Syndrome Takes a Devastating Toll

Beloved singer Celine Dion has been facing a heartbreaking struggle with her health. Diagnosed with stiff person syndrome, a neurological condition with no known cure, Dion has been forced to…

Read more

POTENTIAL Half-Sisters Won’t Pause Their Relationship!

Carley and Mercedes, two possible half-sisters, fell in love at the bar. For the past two years, the couple in their mid-twenties has been sharing their bedroom moments on a…

Read more

OJ Simpson Passes Away Aged 76

The notorious murder suspect, who was later found civilly liable for the deaths of his ex-wife Nicole Brown and her friend Ron Goldman passed away surrounded by his family at…

Read more

(VIDEO)Night Court Officially Ended After This Happened

Today, we’re delving into the fascinating world of Night Court, that quirky late ’80s sitcom set in Judge Harry Stone’s bustling municipal courthouse. What mysteries lie beneath Bailiff Bull’s polished dome?…

Read more

More And More PeopIe Are CaIIing This Common Word “Offensive”

Abbie Chatfield, the popular reaIity star known for her appearances on The BacheIor, recently sparked an important conversation about the use of the term ‘femaIes.’ On her It’s A Lot…

Read more

Leave a Reply

Your email address will not be published. Required fields are marked *

X