VinFast's Market Debut Turns Sour, Losing Billions in Days
Pham Nhat Vuong, founder of VinFast Auto, saw his net worth plummet by $18 billion as the company's shares experienced a volatile week on the Nasdaq. After surging 255% on its first day of trading, the share price dropped over the next three days, resulting in a 52% decrease in Vuong's net worth. Despite the decline, Vuong remains significantly wealthier than before the company's listing. VinFast's market capitalization peaked at $85 billion but ended the week at around $36 billion, still ahead of competitors like Rivian, Nio, and Lucid Group.