RALEIGH — VinFast (VFS) shares are on the move again.
The Vietnamese EV startup company building a $4 billion dollar plant in Chatham County has been a roller coaster since its stock debuted at $10 just over 2 weeks ago. At its height, the stock reached $88 dollars a share on Monday, even going above $90 in premarket trading. However as of closing yesterday the stock had dropped by almost half, to $46 per share. According to MarketWatch, the drop represents a loss of more than $90 billion in market value.
The ups and downs have meant massive swings in the personal wealth of VinFast’s founder and controlling shareholder, Pham Nhat Vuong. The billionaire businessman controls 99% of the VFS stock, either directly or through investment groups.
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As long as Vuong keeps his shares, the tiny portion of available VFS stock means that the intense fluctuation in the stock price is likely to continue. For now, that’s not hurting Vuong whose shares were still worth nearly $74 billion at closing yesterday. The high-flying stock is also one of the most talked-about pieces on the board.
The stock did rebound in overnight trading, opening at $53.40, a 6% bump.
