Business Blog: Vietnam tycoon loses $18 billion after EV maker’s shares sink

Friday, August 18, 2023

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.

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