Singapore had a new billionaire for a few hours before Grab slid

Grab's CEO Anthony Tan looks towards the audience at the Grab Bell Ringing Ceremony at a hotel in Singapore, on Dec 2, 2021. - Reuters

SINGAPORE (Bloomberg): "The stock will go up and it will go down,” said Anthony Tan, co-founder of Grab Holdings Ltd, moments after Nasdaq’s bell-ringing ceremony in Singapore Thursday (Dec 2) night, the first such event held in Southeast Asia.

He was right on the money. Grab soared in pre-market trading in New York but after opening at US$13.06 the shares tumbled more than 21% on its first day.