No doubt VinFast is another case of some investors creating a bandwagon out of nothing and then seeing the not so smart jumping on what they created.
There is an entire group of investors who seek out the low float/hot story stocks. They buy them up early and then go to Reddit, Twitch, etc. and hype them up. The stupid are the ones who jump on them when they are already outrageously overpriced, and then make them even more overpriced.
When the float is that low, and the stock so tight, it doesn't take much to make it soar. They did it with the Chinese IPO's until the SEC and FINRA started to actively investigate, so now they have moved on to other targets.
Some of these "influencers" are just individual investors, but I think there is an organized syndicate that does most of the heavy lifting. The SEC seems to think so, too, which seems to be the target of their investigation.
I think it is a good assumption that VinFast has been added to the SEC's list. I think that if the stock had soared a little higher than it ultimately did, it was a serious candidate for an SEC suspension which would have given them some time to sort it all out.
