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  • EV SPAC VinFast Collapses 92% in 31 Trading Days, $213 Billion in Fake Market Cap Evaporated in Hilarious Manner

EV SPAC VinFast Collapses 92% in 31 Trading Days, $213 Billion in Fake Market Cap Evaporated in Hilarious Manner

October 11, 2023

by Wolf Richter Wolf Street

Obviously, this kind of idiocy should never happen in a healthy stock market. But it has happened a lot.

VinFast Auto, the Vietnamese EV maker that’s part of the Vietnamese conglomerate VinGroup and that went public in the US via merger with a SPAC less than two months ago on August 15, 2023, has now become one of the all-time favorites in my pantheon of Imploded Stocks. The SPAC’s just keep on giving in the most hilarious manner.

On August 25, as the stock price was exploding, I laid out in detail the case of this misbegotten creature in the article, EV Maker VinFast’s Market Cap Spikes to $159 Billion on 9th Day of Trading. This Stuff Would Be Hilarious if it Weren’t so Serious. And I said, “as an extra special for VinFast, I’m keeping a beautiful slot open in my increasingly crowded pantheon of Imploded Stocks.”