Billionaire's Fortune Plummets $18B In Days As Newly-Listed EV Maker's Soaring 255% Debut Gain Takes A Dive
Portfolio Pulse from Benzinga Neuro
Pham Nhat Vuong, founder of VinFast Auto Ltd. (NASDAQ:VFS), lost about $18 billion due to a sharp decline in the company's shares. The shares had surged 255% on its first day of trading on Nasdaq but were followed by three consecutive days of losses. Despite this, Vuong's net worth is still higher than before the company's listing. VinFast's market capitalization peaked at $85 billion, surpassing General Motors Co., but ended the week around $36 billion, still ahead of EV competitors like Rivian Automotive Inc. (NASDAQ:RIVN), Nio Inc. (NYSE:NIO), and Lucid Group Inc (NASDAQ:LCID).
August 19, 2023 | 3:52 am
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NEUTRAL IMPACT
Despite the decline in VinFast's shares, the company's market capitalization is still ahead of Lucid Group.
The news indirectly mentions Lucid Group as a competitor of VinFast. While VinFast's market cap is still higher, the volatility of VinFast's shares could potentially affect the EV market, including Lucid Group.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Despite the decline in VinFast's shares, the company's market capitalization is still ahead of Nio.
The news indirectly mentions Nio as a competitor of VinFast. While VinFast's market cap is still higher, the volatility of VinFast's shares could potentially affect the EV market, including Nio.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Despite the decline in VinFast's shares, the company's market capitalization is still ahead of Rivian.
The news indirectly mentions Rivian as a competitor of VinFast. While VinFast's market cap is still higher, the volatility of VinFast's shares could potentially affect the EV market, including Rivian.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
VinFast's shares experienced a sharp decline after an initial surge, causing a significant loss for the company's founder.
The sharp decline in VinFast's shares directly impacts the company's market value and the net worth of its founder. This could potentially affect investor confidence in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100