Just to dust off something from last August, I wrote about a red-hot stock, an electric car maker from Vietnam, whose valuation I described thus:
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?
It was market manipulation, pure and simple, although it got the world chattering around this Hanoi-based maker of poorly-reviewed vehicles. The stock is down about 95%, which suggests it has about 5% to go.
