Vietnam's richest man's fortune melted away in 2 days

VinFast owner Pham Nhat Vuong’s fortune has slumped 40 percent in two days, to $26.2 billion. VinFast Auto Ltd. is coming back down to earth after an astronomical rise on its first day of public offering. Vietnamese electric vehicle maker VinFast Auto had reached a valuation of $85 billion after its initial public offering through a SPAC, giving it a market value greater than giants such as General Motors, Ford and Stellantis. The company’s shares have fallen sharply over the past two trading days in New York, wiping out more than half of the 255 percent gain it made when it went public on Tuesday on the Nasdaq Global Select Market. At $46.4 billion, VinFast’s market value is still above General Motors Co.’s. The company’s boss Pham Nhat Vuong’s net worth has fallen roughly 40 percent to $26.2 billion, according to the Bloomberg Billionaires Index. On paper, Vuong had earned almost $40 billion on his first day of trading. It was one of the biggest wealth jumps ever recorded by this index.