Vietnamese billionaire Pham Nyat Vuong, known in Ukraine as the founder of Mivina, lost $18 billion in three days. This was a consequence of the fall in the shares of his car company VinFast, writes Bloomberg.
Pham Nhat Vuong’s net worth, according to the Bloomberg Billionaires Index, fell about 53% to $21 billion after VinFast’s stock plunged.
After the debut on the stock exchange VinFast shares jumped 255%, making the Vietnamese company overtake giants such as GM or the Mercedes-Benz Group in terms of market capitalization.
Pham Nhat Vuong’s fortune thanks to this increased by $39 billion. After that, he moved in the Bloomberg Billionaires Index from the fifth hundred to the third ten.
Pham Nhat Vuong directly or indirectly owns 99% of the shares of VinFast. This means that there are very few stocks in the market, so they will be prone to large fluctuations in value.
Since the Bloomberg index did not take into account Pham Nhat Vuong’s stake in VinFast until the company completed its merger with a SPAC company this week, he remains much richer than before the listing.
In April 2023, it became known that Vyong invests $2.5 billion into the global expansion in the electric car market, of which $1 billion is the billionaire’s own money.
In July, VinFast began building a car plant in North Carolina, and the company’s owner expects to break even by the end of 2024.
Pham Nyat Vyong in 1992 created in Ukraine Technocom company and began to produce vermicelli “Mivina”. He owns the Vingroup conglomerate, which includes the car company VinFast.
2023-08-18 15:40:04
#Founder #Mivina #lost #billion #days
