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Published by: dailynews
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Vietnam Tycoon Loses $18 Billion After EV Maker’s Shares Sink

Published by: dailynews
Published on:

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.

Read the full story on Bloomberg here.