SPAC bad run again!
"(Reuters) -VinFast shares slumped for a third straight session on Friday, putting the Vietnamese electric automaker on track to lose more than half of its market value since its blowout Nasdaq listing this week.
The loss-making company was last valued at $32.4 billion, compared to $85 billion in its Wall Street debut on Tuesday.
Its stock was down 30% at $13.94, slipping below the opening price of $22 when it had surged up to $38.78.
With about 99% of the firm controlled by founder Pham Nhat Vuong, the small amount of publicly available shares makes the stock prone to volatility.
Just $28 million worth of its shares had been traded by late morning, compared to $13 billion worth of shares in Tesla, according to Refinitiv data.
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