VinFast Auto Ltd. Ordinary Shares (VFS)
- VinFast surges 255% on first day of US trading.
- Vietnam’s richest man just added a cool $39 billion to his net worth. VinFast Auto Chairman Pham Nhat Vuong’s fortune soared after the company’s first day in the public markets saw shares surge 255%, pushing the company’s market capitalization above that of industry giants General Motors and Mercedes-Benz. The fortune of Vietnam’s richest man now stands at $44.3 billion, according to the Bloomberg Billionaires Index. VinFast scrapped plans for a normal IPO and opted for a SPAC listing after investor appetite for money-losing startups waned. Other recent SPAC deals have posted initial eye-popping gains as traders look to make a quick profit, meaning the jump in Vuong’s fortune may be short-lived.
-- Bloomberg
- VinFast surges 255% on first day of US trading.
- Vietnam’s richest man just added a cool $39 billion to his net worth. VinFast Auto Chairman Pham Nhat Vuong’s fortune soared after the company’s first day in the public markets saw shares surge 255%, pushing the company’s market capitalization above that of industry giants General Motors and Mercedes-Benz. The fortune of Vietnam’s richest man now stands at $44.3 billion, according to the Bloomberg Billionaires Index. VinFast scrapped plans for a normal IPO and opted for a SPAC listing after investor appetite for money-losing startups waned. Other recent SPAC deals have posted initial eye-popping gains as traders look to make a quick profit, meaning the jump in Vuong’s fortune may be short-lived.
-- Bloomberg
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