and some eye-popping number is coming your way and it's not very often that this happens that a stock goes up 700 percent in just two weeks but this has happened in the form of wind fast which is a Vietnamese Electric Vehicle Manufacturer which as of closing on Monday became the third most valued Auto Company in the world now windfast went public through a merger on the 15th of August and as of closing on Monday it had a market capitalization of 191 billion dollars now it crossed 200 billion intraday ended at 191 billion second only to Toyota which is at around 220 billion and Tesla Which is far ahead at 750 billion dollars in market cap now I'll give you an example that explains the gulf between these companies now as of last year which is 2022 Toyota sold 10 and a half billion Vehicles now in comparison winfast sold only 24 000 and that explains the kind of Gulf is that is there between these companies now win fast as I said started trading on the 15th of August and since it has listed it has had some extremely wild swings the stock went up as much as 254 percent on the date listed and since then over the last three sessions as well the stock has moved up 32 percent 40 percent and 19 respectively now there is a reason as to why the stock has seen such sharp swings and that is because it has an extremely low float in the market with subjects the stock to extreme volatility and that is because 99 percent of the float is controlled by the company's founder who also happens to be Vietnam's richest man now as of closing on Monday windfast Shares are more valuable than half of the constituents of the Dow Jones Industrial Average index and I will name some there are Goldman Sachs there's Honeywell Boeing Intel Disney Nike some big names now as of last year windfast sold 24 000 vehicles and this year it is hoping to sell close to 40 to 50 000 the management also said that they are likely to break even not turn a profit but break even by the end of 2024. now as I say all of this it gives me a sense of deja vu because all of this exactly the same way has transpired before as well now at the height of the IPO frenzy in 2021 a company called rivian Automotive came out with its IPO which also happened to be the largest and the biggest IPO of that year now shares were priced at 78 dollars a share and within two weeks of listing the stock went up to as high as 178 dollars well nothing wrong with that but the problem was that rivian had zero Revenue to show for and that is because of the frenzy that was there in the market is what led to the stock going as high as it did well fundamentals did eventually catch up with rivian and as of closing on Monday the stock is languishing somewhere around the 20 Mark now we are not saying that winfast will meet a similar fate but the way things are looking it does look like a car without brakes and if I was Riven I would be telling win fast right now foreign
