Vietnam tycoon loses $18 billion after EV maker’s shares sink
After an astronomical rise in its first day of trading, VinFast Auto Ltd. is now coming back to Earth — erasing a chunk of its billionaire founder’s fortune.
The Vietnamese electric vehicle-maker has fallen sharply over the two most recent trading days in New York, eliminating more than half of the 255% gain it notched on Tuesday when it listed on the Nasdaq Global Select Market.
At $46.4 billion, VinFast’s market capitalization is still just above that of General Motors Co.
Chairman and founder Pham Nhat Vuong, who controls all but a few shares of the company, has seen his net worth tumble roughly 40% to $26.2 billion, according to the Bloomberg Billionaires Index.
