“Carvana Father-Son Duo Make $11 Billion in 3,000% Stock Rebound”
May 9, 2024
“Ernie Garcia II and Ernie Garcia III have added more than $11 billion in combined net worth since December 2022, when Carvana stock fell below $4 a share as rising interest rates sapped sales and the company was forced to restructure debt…
Rising interest rates and mounting debt soon sent the company’s stock — and the Garcias’ fortunes — into a steep spiral, resulting in cutbacks on ad spending and vehicle inventory. The online retailer grew vehicles sales in the first three months of 2024 for the first time in six quarters, pushing revenue to $3.1 billion...”
https://finance.yahoo.com/news/carvana-father-son-duo-11-205445383.html