Carvana’s 96% Collapse Erases Billions From Father-Son Duo’s Wealth
Ernie Garcia II and Ernie Garcia III have lost $18 billion combined this year, and some analysts predict more pain ahead for their company.
Ernie Garcia III and his father Ernest Garcia II have lost billions of dollars this year.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
The outlook for Carvana Co. and the father-son duo behind the used-car dealer has turned from bleak to dire.
The company’s stock, which once traded as high as $376.83 intraday, fell as much as 42% to $8.37 in New York trading after poor quarterly results led Morgan Stanley analyst Adam Jonas to float the idea that it could sink to as low as $1. Shares are now down 96% in 2022.