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


5 ways to practice positive body image; Post positive affirmations. If you find yourself critiquing your body in front of the mirror, posting positive affirmations may help. …   Look…

Read more

Old Men Sitting On A Bench…We’ve chuckled with tears with this joke…

Two old men are sat on a bench at the park. A young, smoking hot girl runs past in a sports bra and a tiny pair of shorts. One of…

Read more

This Oklahoma Girl Lived with ‘Cruel’ Dad, Yet Became Country Star & Found Love after Ex Moved on with Her Friend

Before becoming a successful country star, Reba McEntire, born in southern Oklahoma, grew up in the small town of Chockie. She comes from a long line of ranchers and rodeo…

Read more

Mourning mom sells stillborn baby’s crib for $2: A week later, buyer returns it transformed

Valerie Watts was eagerly anticipating the birth of her baby, but her joy turned to heartbreak when she gave birth to a stillborn son, Noah. Despite the tragedy, she kept…

Read more

10 DIY Storage Ideas to Organize Your Home ASAP

Home organization is seemingly impossible, especially considering most people’s busy lives. However, these storage ideas will help organize some clutter and create a zen and aesthetically pleasing vibe in your…

Read more

“My name is Maria, I am 53 years old, I have been married for 32 years, but my husband has found a younger mistress, even younger than our own daughters…” Help ladies ..

My name is Maria, I am 53 years old, married for 32 years to my husband, and I have two daughters who no longer live with us. For 15 years,…

Read more

Leave a Reply

Your email address will not be published.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