VinFast Auto is unprofitable, thinly traded and was grabbing attention from individual investors as it rose faster than any other large-cap stock worldwide.
That was already a perilous combination for anyone tempted to bet on further gains in the Vietnamese electric-vehicle startup, which soared 688% since its debut in a SPAC listing on Aug. 15, through Monday’s close. As if on cue, the rally was halted sharply Tuesday as the shares snapped their six-day winning streak to close down 44%, wiping off $83 billion from the company’s valuation.
Despite the wipeout, VinFast’s nearly $107 billion market capitalization still makes it larger than companies like BlackRock and FedEx.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.