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Carvana Father-Son Duo Down $25 Billion, Leading Wealth Rout

  • Used-car retailer is caught in selloff of star pandemic stocks
  • Company’s leaders hit by 87% slump in shares since August peak
Ernie Garcia III, second left, and his father Ernest Garcia II in 2017. 
Ernie Garcia III, second left, and his father Ernest Garcia II in 2017. Photographer: Michael Nagle/Bloomberg
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Nine months ago, the father-son duo that runs used-car company Carvana Co. had a combined personal fortune of more than $32 billion. 

Ernie Garcia II and Ernie Garcia III have now shed almost 80% of that wealth, one of the biggest and fastest declines of any billionaire family or individual fortune, according to the Bloomberg Billionaires Index