Remember Vinfast (symbol VFS)? Just twenty trading days ago, I reported that……..
VinFast, has raced up in value to nearly $200 billion. Let me put that fact another way: (1) take the value of General Motors (2) Take the value of Ford (3) Combine them (4) DOUBLE that figure (5) That’s LESS THAN the value of VinFast, which is a new electric car maker from Vietnam. Feeling woozy yet?
I went on to say:
I suspect in a few months we will look back on VFS the same way we look back on the sandwich shop with $170,000 in revenues that was valued at a couple hundred million dollars, or the Long Island Iced Tea company which, during Bitcoin fever, changed its named to Long Island Blockchain and was briefly worth a fortune. The world seriously never changes. This is just the latest incarnation of a goofy valuation, in this instance driven by the fact they’ve only released 1% of their common stock for trading.
Yep. Nailed it. Again. It’s down 85% in just three weeks. What a piece of crap.
