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VinFast Stock Plunges, Wiping Out $90 Billion in Market Value

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VinFast stock snapped a six-day winning streak, hard. Shares fell 43.8% Tuesday, wiping out about $90 billion in market value.

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.

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 . 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.

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.

 

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