Shares of electric car maker VinFast ended a six-day rally and closed down 44% on August 29.
The sudden move cost billionaire Pham Nhat Vuong about $67 billion in paper wealth. At market close, his stake was worth about $74 billion. A day earlier, it had been worth $141 billion, enough to put him just below Amazon CEO Jeff Bezos on Bloomberg’s list of the world’s richest people.
On Forbes' real-time billionaire rankings, Mr. Pham Nhat Vuong currently has assets of 39 billion USD, ranked 30th globally.
Despite the huge loss, Mr. Vuong's stock value has increased more than 300% since his company merged with Black Spade.
According to VinFast's filing with the US Securities and Exchange Commission, Mr. Vuong controls about 99% of VinFast's shares, both directly and indirectly through investment companies.
This means that the number of shares floating on the market is only 1%. According to investors, this is the main reason why VinFast shares have been on a roller coaster ride in recent days.
After soaring 255% on its first day of trading, VFS seemed to lose momentum with a three-day slide. However, the stock later recovered strongly and increased by 688% compared to its debut day on the market before falling sharply on August 29.
Investors believe that this fluctuation is a market test of VinFast's real value.
VinFast currently has a market capitalization of 106.71 billion USD. This figure is down by half compared to the 190 billion USD reached on August 28, but VinFast is still the third most valuable car company in the world , only behind Tesla and Toyota.
Source nguoiduatin (According to Barron's, Bloomberg, Seeking Alpha)
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