At least in market cap… for a while.

A huge spike in share prices (by 93.27% at one point) got VW to be worth $367 billion, making it more valuable than the usual #1 Exxon Mobil (market capitalization of $343 billion).

VW Stock spike

VW Stock spike

Speculators have been betting that VW share’s price will fall. But Porsche announced it will increase its VW control from 42.6% direct equity stake to 50%. Gamblers-investors are now obliged to buy shares at much higher prices to cover those they had borrowed initially since the stock rose instead.

Analysts suggested buyers included hedge funds and banks’ proprietary desks, which manage the financial institution’s own stock positions.

Prepare for the drop at any moment…