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

A man is lying on the beach

A man is lying on the beach, wearing nothing but a cap over his crotch. A woman passing by remarks, “If you were any sort of a gentleman, you would…

Read more

Heartbreaking photo shows shelter pit bull “losing hope” after adoptions fall through — still looking for a home

All shelter dogs dream of finding a home of their own, but some dogs get passed over time and time again, and begin to lose hope that they’ll ever get…

Read more

Michael J Fox is amazing father of four. Who are they and what did they announce

Michael J. Fox shares four kids with Tracy Pollan, his wife of over 30 years Award-winning actor Michael J. Fox, best known for his iconic role in “Back to the…

Read more

(VIDEO)Paul Harvey Made This Prediction in 1965. Now Listen to His Chilling Words…

When I was a kid in the 70s, I would work for my dad bailing hay in the summers. I always had a small transistor radio with me… At noon…

Read more

Kate McCann Says Note In Restaurant Reservation Book May Have Led To Daughter Disappearance

Madeleine McCann’s disappearance in 2007 during a family vacation in Portugal remains one of the most perplexing cases of a missing child. Madeleine was just three years old when she…

Read more

News Anchor Shannon Bream was a pageant beauty queen. She won two titles in the 90s

Shannon Bream is a distinguished American journalist, lawyer, and news anchor, renowned for her work with the Fox News Channel. Born on December 23, 1970, in Sanford, Florida, Shannon Noelle…

Read more

Leave a Reply

Your email address will not be published.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