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Vietnamese electric vehicle (EV) maker VinFast's stock market valuation has soared above Ford and General Motors (GM) on its first day of trading.
Shares in the firm, which has yet to make a profit, closed above $37 (£29) each in their New York's debut. แทงบอลสเต็ป
That gave VinFast a stock market valuation of $85bn, much higher than Ford's $48bn and GM's $46bn.
It comes as motor industry giants and newer manufacturers fight for a slice of the booming EV market.
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The listing added around $39bn to the wealth of VinFast's chairman and founder Pham Nhat Vuong, who was already Vietnam's richest man.
Regulatory filings show he controls 99% of the firm's outstanding shares, mostly through Vietnam's largest conglomerate, Vingroup JSC.
That limits the number of shares available for other investors to trade, which can lead to large price swings.
Trading in VinFast was relatively thin on Tuesday, with around $185m worth of its shares changing hands. พนันบอลสเต็ป
"Investors are continuing to believe that the future is in electric and that a low-cost East Asian country will emerge as a competitor in the US," said Bill Russo, Founder and CEO of Shanghai-based Automobility.
"The markets believe that given geopolitics that Vietnam, not China, will be that country."
Instead of a conventional share sale, VinFast went public using a shell company, or special purpose acquisition company (Spac).
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Spacs are often used by start-ups to speed up the often slow and expensive process of taking a private company public. In simple terms, it means merging a company that is not on a stock exchange with one that is.
Several EV makers - including Lordstown Motors and Faraday Future - have gone public using Spacs in the last three years.
However, both firms have lost more than 90% of their stock market value since their mergers.
Mr Russo said VinFast could be different because "they are primarily backed by Vingroup, which gives them access to funding from a business that has a proven track record of growth".
"Most EV start-ups fail because they do not have profitable core and external funding eventually runs out as they burn capital far faster than they generate cash," he said.
But VinFast also faces tough competition as major players fight for market domination.
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Market leaders - including Elon Musk's Tesla and BYD, which is backed by veteran investor Warren Buffett - have been cutting prices to boost sales.
In the first half of the year VinFast delivered 11,300 EVs, according to a company presentation. By comparison, Tesla delivered more than 889,000 vehicles in the same period.
"Tesla will continue to be the clear leader in EVs but there will be many winners," said Dan Ives of Wedbush Securities.
"VinFast has built a strong foundation for EV success."
Lisa from girl group Blackpink is rumored to leave her current agency YG Entertainment when her exclusive contract expires in August, according to media reports.
This August marks the seventh anniversary of the girl group that debuted in 2016 and is likely when the quartet's exclusive contract with YG Entertainment will expire if it follows the industry standard of seven years.
The length of exclusive contracts between an artist and an agency in Korea typically stays under seven years as the Korea Fair Trade Commission in 2009 set the recommended maximum length of such contracts at seven years in its adhesion contract format.
Lisa and YG Entertainment failed to reach an agreement on extending her exclusive contract due to a significant difference in opinion regarding the contract, according to a media report Wednesday. เว็บตรง UFABET
The report also said agencies are having difficulty fixing a schedule with Lisa and YG Entertainment due to the uncertainty of the exclusive contract.
YG Entertainment said the same day that the scheduling difficulty is due to the group's tour and Lisa's schedules, which are "irrelevant to the contract."
Blackpink is currently holding its second world tour, "Born Pink," kicking off with performances at the KSPO Dome in southern Seoul last October. UFABET
The quartet's last announced concerts will be held in August in the United States.
It was also rumored that Lisa is in a romantic relationship with Frédéric Arnault, the CEO of luxury watch company TAG Heuer and the son of Bernard Arnault, chairman and CEO of LVMH.
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Videos and photos of Lisa and Frédéric together in Paris circulated online this week, and multiple media outlets reported on the rumors.
Skeptics said that the photo was taken during Lisa's meeting with Celine, an LVMH company, for which she has been serving as its global brand ambassador since 2020.
YG Entertainment did not release any official statement regarding the rumor.
Meta boss Mark Zuckerberg has said he is "not holding his breath" over a proposed cage fight with rival Elon Musk.
In a post on the new social media app Threads, Mr Zuckerberg said he had proposed 26 August for the showdown.
Following a post on X in which Mr Musk claimed he was training "throughout the day", Mr Zuckerberg wrote: "I'm ready today... but he hasn't confirmed."
The two became direct competitors in July with the launch of Threads. แทงบอลสเต็ป
Asked by a Threads user whether the fight had been mutually agreed upon, Mr Zuckerberg responded that is was more like "funding secured," in an apparent reference to posts made by Mr Musk in 2018 when he said the same about plans to take electric car company Tesla into private hands.
That deal never happened and led to Mr Musk paying a $20m (£15.7m) fine to the US financial markets watchdog, stepping back from being Tesla's chairman and limits put on what he can tweet about Tesla. พนันบอลสเต็ป
Mr Musk cast further doubt about the potential bout, saying that the "Exact date is still in flux", as he may need surgery on his neck and upper back.
The social media moguls have been egging each other on in recent months, with Mr Musk claiming on Sunday that their fight would be broadcast live on his social media platform X, formerly known as Twitter.
He said that any proceeds from a match would go to veterans charities.
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When asked what the point of the bout was by one X user, Mr Musk responded: "It's a civilized form of war. Men love war."
Mr Zuckerberg also shot back at the suggestion that the fight would be streamed on X, posting: "Shouldn't we use a more reliable platform that can actually raise money for charity?"
The stakes are seemingly high after Meta, which also owns Instagram and Facebook, launched Threads in early July, drawing in more than 100 million sign-ups within days.
However, Mr Zuckerberg later said the platform had lost more than half of its users by the end of last month.
Rival social media platform X has faced criticism on several occasions since Mr Musk took over the firm and made a number of changes, such as forcing users to log in to view posts. He also carried out mass firings at the company.แทงบอลชุด
Excitement over Threads fades but users return to app
Musk says X will pay legal bills if users treated unfairly
Mr Musk posted a message on the social media platform in June claiming he was "up for a cage fight" - a fight which typically involves few rules.
Mr Zuckerberg then posted a screenshot Mr Musk's tweet with the caption "send me location", while Musk responded with: "Vegas Octagon."
The Octagon is the competition mat and fenced-in area used for Ultimate Fighting Championship (UFC) bouts. The UFC is based in Las Vegas, Nevada.
Mr Musk, 52, also wrote: "I have this great move that I call 'The Walrus', where I just lie on top of my opponent & do nothing."
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He later tweeted videos of walruses, perhaps suggesting his challenge to the Facebook founder may not have been entirely be serious.
Mr Zuckerberg is a martial arts enthusiast and said on Sunday: "I love this sport and will continue competing with people who train no matter what happens here."