Vietnam Tycoon Loses $18 Billion After EV Maker’s Shares Sink

The Vietnamese manufacturer of electric vehicles has experienced a significant decline over the past three trading days in New York, wiping out more than half of the 255% gain it recorded on Tuesday when it debuted on the Nasdaq Global Select Market.

According to the Bloomberg Billionaires Index, chairman and founder Pham Nhat Vuong, who controls all but a few of the company’s shares, has seen his net worth decline by approximately 53% to $21 billion.

VinFast’s market capitalization has also declined, falling to $37.4 billion from $85 billion at its peak, when it momentarily surpassed General Motors Co. despite being on track to generate fewer sales this year than GM does in a week.

Large share-price fluctuations were anticipated. Through his business conglomerate, Vingroup JSC, Vuong controls 99% of VinFast’s shares. This leaves a small portion for other investors to trade, so even relatively minor transactions can have a significant effect on the price.

However, Vuong is not in pain. Due to the fact that Bloomberg’s index did not account for his VinFast stake until this week, when the company completed its merger with a blank-check company, he remains substantially wealthier than before the listing.

On paper, he gained nearly $40 billion in the first day of trading, one of the largest increases in wealth ever registered by the index.