I know you’re sick of hearing about Vinfast (VFS), but I can’t help myself. Where’s the outrage over the stunt this company pulled last August? They totally manipulated the market to create a totally laughable valuation (here’s the post when I was losing my gourd over it.…….) and it’s been a total catastrophe.
Back in August, I wrote the following. Did I nail this to the wall, or what?
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.
