Why VinFast Auto Stock Is Plunging Today
A day after more than doubling in its market debut, VinFast Auto (NASDAQ: VFS) is giving back some of those gains. Shares of the Vietnamese electric vehicle maker traded down 25% on Wednesday morning as investors continue to sort out what this start-up is really worth.
VinFast is a small electric vehicle manufacturer with large ambitions. On Tuesday, the company made its market debut via a merger with special purpose acquisition company (SPAC) Black Spade Acquisition, and quickly surged from $10 per share to close at $37.06 after its first day.
At Tuesday's close, VinFast was valued by the market at $85 billion. By comparison, Ford Motor and General Motors have market capitalizations of $48 billion and $45 billion, respectively.
Source Fool.com
