VinFast (NASDAQ:VFS), the Vietnamese electric vehicle manufacturer, witnessed a decline of up to 7.7% in its stock on Tuesday after the company revealed that insiders will sell some of their shares moving forward. Few VinFast shares have been left available for trading following heavy withdrawals by investors in the company's SPAC deal, according to reports by the Wall Street journal.
Just last month, VinFast experienced a dramatic decline in its market capitalization, plummeting by over $140 billion in less than two weeks, taking the stock below its initial listing price of $22 when it made its debut on the Nasdaq exchange just seven weeks ago.
The EV maker is a majority-owned affiliate of Vingroup, a prominent Vietnamese conglomerate and one of Vietnam's largest publicly traded firms. The vast majority of VinFast shares, approximately 99%, are under the control of Vingroup's chairman and VinFast's founder, Pham Nhat Vuon, leaving only a small fraction available for outside investors.
Just last month, VinFast experienced a dramatic decline in its market capitalization, plummeting by over $140 billion in less than two weeks, taking the stock below its initial listing price of $22 when it made its debut on the Nasdaq exchange just seven weeks ago.
The EV maker is a majority-owned affiliate of Vingroup, a prominent Vietnamese conglomerate and one of Vietnam's largest publicly traded firms. The vast majority of VinFast shares, approximately 99%, are under the control of Vingroup's chairman and VinFast's founder, Pham Nhat Vuon, leaving only a small fraction available for outside investors.
VinFast continues to plummet as insiders said to sell shares By Investing.com
VinFast continues to plummet as insiders said to sell shares
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