hit counter html code

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

83-Year-Old Woman Killed After Neighbor Falls From Fourth-Floor Balcony in Milan

Tragedy in Milan: Elderly Woman Killed by Neighbor’s Fall The Incident On Sunday evening, tragedy struck Via Fratelli di Dio in Milan. Francesca Manno, 83, was walking outside her home…

California’s Emissions Power Under Attack – Major Legal Battle Ahead

California’s Unique Authority on Emissions California’s authority to set tougher emissions standards dates back to the 1960s, when the state faced severe smog problems and created the…

Mostbet uz onlayn: Yangi foydalanuvchilar uchun qo’llanma

Mostbet uz onlayn: Yangi foydalanuvchilar uchun qo’llanma Mostbet uz onlayn platformasi, keng imkoniyatlar va turli xil o’yinlar bilan ta’minlangan juda pullik va qulay bir xizmatdir. Bu maqolada,…

Casino Outfits & Dress Code Exactly What To Wear To Some Casino?

A Guide To Dressing Regarding Casinos Attire Membership By Fraquoh In Addition To Franchomme Content Accessories What To Avoid Wearing Into A Casino Classic Casino Colors Casino…

Mostbet লগইন ও ভার্চুয়াল কারেন্সি ব্যবহার নির্দেশিকা

Mostbet লগইন ও ভার্চুয়াল কারেন্সি ব্যবহার নির্দেশিকা Mostbet একটি জনপ্রিয় অনলাইন বেটিং প্ল্যাটফর্ম যেখানে ব্যবহারকারীরা সহজেই তাদের অ্যাকাউন্টে লগইন করে বিভিন্ন ক্যাসিনো গেম, স্পোর্টস বেটিং ও অন্যান্য…

“Get Access Mostbet Guia

Faça U Login E Jogue Online Content Como Obter Bônus Em Mostbet? Prós E Contras Do Agente De Apostas Do Mostbet Como Produzir O Mostbet Login? Quais…

Leave a Reply

Your email address will not be published.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