Pham Nhat Vuong from Southeast Asian country Vietnam has become the 5th richest person in Asia by earning 39 billion dollars in one day.
According to global media reports, Pham Nhat Wong’s electric vehicle maker One Fast Auto’s share price rose 255 percent after its debut on the US stock market.
On August 15, One Fast Auto made its debut on the US stock market and its shares closed at $37.06 on the first day.
This solid start led to a significant increase in Pham Nhat Vuong’s fortune, who previously owned just $5 billion but now has assets worth $44.5 billion.
He is the chairman of One Group, One Fast’s parent company, and has invested in electric vehicles as well as real estate, retail, consumer electronics and healthcare sectors.
The market value of his electric vehicle company also quadrupled to $85 billion, overtaking leading companies General Motors ($46 billion) and Ford ($48 billion).
Beyond that, there are now only 2 electric vehicle manufacturers, with Tesla ($739 billion) at the top in terms of market value, followed by China’s BYD ($93 billion).
Pham Nhat Vuong is Vietnam’s richest man who controls 99 percent of the company’s shares, leaving very few shares available to other investors. This is the reason why the company’s market value is likely to decline in the near future.
His company is producing 300,000 electric vehicles every year and plans to introduce them in the US are also being worked on.
For this purpose, a factory will be built in North Carolina which will produce 150,000 vehicles annually by 2025.
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2024-08-01 09:51:27
