By Al Root Aug. 29, 2023 5:50 pm ET VinFast’s wild ride continued on Tuesday with a 44% stock drop. Apu Gomes/AFP/Getty Images The VinFast Auto trading saga continues to get more and more interesting. Shares of the Vietnamese EV start-up snapped a six-day winning streak, falling 44% Tuesday, wiping out some $90 billion in market value. VinFast’s controlling shareholder Pham Nhat Vuong lost about $67 billion in paper wealth. At Monday’s close, his VinFast stake was worth roughly $141 billion, enough to place him just below Jeff Bezos on Bloomberg’s list of richest humans. At Tuesday’s close, his stake was worth about $74 billion, placing him just above Jim Walton, the son of Walmart (WMT) founder Sam Walton. Vuong’s holdings of VinFast stock are a little complicated. About 1.2 billion of VinFast’s 2.3 billion shares outstanding are held by Vingroup (VIC.Vietnam). Vuong owns 51% of that stock either directly or through Vietnam Investment Group, or VIG, in which Vuong is listed as the sole shareholder. About 1.1 billion shares of VinFast are also held directly by VIG and Asian Star, which is another entity controlled by Vuong. The result is Vuong controls about 99.7% of VinFast stock and owns directly or indirectly through investment companies up to about 1.7 billion shares. All this is disclosed in VinFast’s filings with the Securities and Exchange Commission. The company didn’t immediately respond to a request for comment about the holding structure. It is a huge one-day loss, but his stake at the time of the SPAC merger was worth roughly $18 billion. He is still up more than 300%. As for VinFast, the company still has a market capitalization greater than $100 billion. It is hanging on to its title as the third-most valuable automaker on the planet, behind Toyota Motor (TM) and Tesla (TSLA). Depending on the accounting for warrants and options it is still up on Porsche (P911.Germany) and BYD (1211.Hong Kong). BYD is China’s largest EV maker, selling more than 1.2 million EVs, both battery-electric and plug-in hybrid, in the first half of 2023. VinFast sold about 11,300 battery-electric vehicles in the first half of 2023. Investors believe VinFast has a bright future. Still, it is hard to justify the valuation.
Professional writer's writing : VinFast Stock Plunges, Wiping Out $90 Billion in Market Value That is a gloomy way of writing. Trader's writing : VinFast Stock went down. Someone lost $90 Billion (paper or real) And someone gained $90 Billion (paper or real). That is an Opportunistic way of writing.
That's all you need to know about this scam. Almost every SPAC is scam by definition. If you can't be bothered to be vetted by any of the thousands of investment banks you are a fraud waiting to happen. Its amazing to me the SEC is busy trying to kill cryptos in the US rather than looking into these SPAC scams. Just wait for the lockup period to end & short this crap to $0.
Short-seller Jim Chanos called Vietnamese carmaker VinFast a $200 billion ‘meme stock’—the price collapsed hours later https://finance.yahoo.com/news/short-seller-jim-chanos-called-122724674.html
You first. 99% is privately held. Which is exactly why it ran up like it did. And down. And up. And ...
VinFast, the company, may not care how this stock does in the short run. They were primarily doing this SPAC merger in order to fund their growth. This includes the new plant they are building in our local RTP (Raleigh / Durham) area of North Carolina. Needless to say, our local politicians, business development folks, and nearby communities are very positive about VinFast expanding in North Carolina -- they are driving a large number of local manufacturing jobs and and money into our area. VinFast pours foundation on EV assembly plant to employ 7,500 in Chatham County https://wraltechwire.com/2023/07/27...-billion-ev-assembly-plant-in-chatham-county/ Gov. Roy Cooper joined VinFast executives and Chatham County leaders Friday morning to shovel the first dirt in Moncure, site of a planned $4 billion, 2.8-million-square-foot electric vehicle manufacturing plant. The Vietnamese-based automaker expects to hire 7,500-plus people to work at the site, called Triangle Innovation Point. “This facility is the crown jewel of VinFast’s global expansion,” said Brook Taylor, the company’s vice president of government relations and strategic partnerships. Dan LaMontagne, Chatham County manager, added, “We think this will only be the first part of growth that comes to Chatham County.” Friday’s event was not purely ceremonial. By mid-day, crews had begun pouring the first part of the factory foundation. By 2025, the automaker expects to have VF-8 and VF-9 electric SUVs rolling off the assembly line and into American driveways. (The few existing VinFast owners in North America have had to order their cars online to have them shipped overseas.) Thuy Le, VinFast Global CEO, said, “This will better position us to manufacture and distribute EVs in North America’s fast growing market with greater speed and efficiency.” Le and Cooper joined hundreds of others, including Nguyen Quoc Dzung, Vietnam’s ambassador to the United States, and VinFast drivers like Natalie Ly at the event. Ly likes her car so much she made the trip from southern California. “It’s a very solid car,” she said. “I liked the design, the smooth ride, lots of good technology.” Pedal to metal on plant in Chatham County The groundbreaking essentially starts the engine on the plant’s development, and VinFast is putting the pedal to the metal. It started with a goal of having cars ready for delivery in 2024, but leadership changes and time spent to secure the right permits pushed that date back. “The speed at which this company is moving is extraordinary, and obviously when you move at that speed there can be some early bumps in the road so to speak,” Cooper said. Chatham County leaders are banking on VinFast to get quickly up to speed. I would not call it a delay,” VinFast’s North American CEO Van Anh Nguyen said. “When we announced literally more than a year ago, when we signed the MOU [memorandum of understanding], we thought we could do everything within that timeline. It’s a very compressed and very aggressive timeline. “We are confident because we’ve been there,” she said. “We’ve done that with our plant in Vietnam.” In July 2022, WRAL News got a tour of VinFast’s headquarters in Vietnam. That factory took 21 months to build. Jobs, job training are key to VinFast success in US The company is planning to hire the majority of its 7,500 factory workers at the end of 2024 and early 2025, Nguyen said. “It means a lot for families, because of the jobs that are coming and the opportunities for their kids to be employed right here. It means a lot for the economy,” said Karen Howard, chairman of the Chatham County Board of Commissioners. Nguyen said the company is working with Central Carolina Community College in Sanford to prepare a training program. “Even if they were trained at the schools – vocational schools or community colleges – we need people to be trained at our plant at least three months in advance, three to six months in advance, before we can put them into the production line,” Nguyen said. She said VinFast has three objectives: Creating a quality and premium product Building cars that are affordable and have flexible prices Excellent customer service Early reviews were negative VinFast faces an uphill battle getting American customers to buy the electric SUVs the company plans to make here. Motor Trend’s headline read: “Return to Sender.” Another said: “The VinFast VF8 Is Simply Not Ready for America.” WRAL News asked Nguyen about people who still wonder if the company will be a success. “We are taking actions on that, and you know what, we are working hard to improve based on the feedback that we have received,” Nguyen said.
This is utter fraud. Lol, 0.3% of all shares outstanding not owned by founder. This is all just paper wealth, nothing else. If he leaves with more than 10 billion I would be very surprised.