In episodes strikingly similar to those in the wildest moments of the early pandemic — think GameStop Corp. and AMC Entertainment Holdings Inc. — investors are frantically bidding up obscure stocks only to then watch them crash spectacularly. The very latest example: VinFast Auto Ltd, an unprofitable electric-vehicle maker that at the zenith of a four-week trading frenzy had a market value greater than McDonald’s Corp. and four times that of General Motors Co.
As shares of VinFast, a Vietnam-based company, started to mysteriously skyrocket in mid-August, scores of day traders piled in to the trade to help fuel a six-day 504% rally. Over the past year, at least five de-SPACs saw shares surge more than 500% before shedding gains. Many of those had small pools of shares available for trading, drawing groups of investors across social media sites like X, formerly known as Twitter, and Reddit to churn up interest in hopes of getting others to join in on the action.
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