VinFast went public less than a week ago, and its stock price has been on a roller coaster ride, causing Vietnam's richest person to lose $23 billion.

"Vietnam's version of Tesla," VinFast Auto (VFS), fell 23% on Friday, closing at $15.40, with a staggering 42% intraday drop to a low of $11.61. This marks the third consecutive trading day of decline for VFS.

Earlier this week, VinFast completed its merger with special purpose acquisition company (SPAC) Black Spade Acquisition and began trading on the Nasdaq. On that day, its stock price soared, reaching a high of $38.78 and closing at $37.06, a gain of 254.64%.

With the significant fluctuation in VinFast's stock price, Pham Nhat Vuong, Chairman and Founder of VinFast and Vietnam's richest person, who holds the majority of VinFast's shares, has also experienced substantial volatility in his net worth. According to Wall Street News, Pham Nhat Vuong's wealth surged by $39 billion on the day of the IPO, making it one of the largest increases in wealth in history. However, according to the Bloomberg Billionaires Index, his net worth has since plummeted by approximately 52% in three days, to $21.2 billion. Nevertheless, Pham Nhat Vuong's wealth has still significantly increased compared to before VinFast went public.

The significant fluctuations in VinFast's stock price were expected. Pham Nhat Vuong controls 99% of VinFast's shares through his conglomerate, Vingroup JSC, leaving only a small portion of shares available for other investors to trade. This means that even relatively small-scale transactions can have a significant impact on the stock price.

Established in 2017, VinFast is a subsidiary of Vingroup JSC, one of Vietnam's largest listed companies. From the beginning, VinFast has carried the hope of Vietnam's national automobile industry, with Pham Nhat Vuong setting Tesla as its benchmark.

On Tuesday, VinFast reached a peak market capitalization of $85 billion, surpassing Ferrari, Aston Martin, Honda Motor, Ford, General Motors, and BMW in the automotive market value rankings, but still lagging behind BYD and Tesla. As of Friday, despite a significant pullback in the stock price, VinFast's market capitalization has dropped to $36 billion, still ahead of electric vehicle competitors such as Rivian Automotive, NIO, and Lucid.

The market has been generous in valuing these emerging electric vehicle companies. VinFast has exported approximately 2,100 electric vehicles to the United States and nearly 800 to Canada, with expected sales this year less than General Motors' weekly sales volume.