Carvana Founder's Fortune Plunges 98% as Firm Burns Through Cash
Ernie Garcia III has seen his fortune fall $6.7 billion this year to $119 million, according to the Bloomberg Billionaires Index, a percentage decline topped only by Sam Bankman-Fried.
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Things have gotten so bad for Ernie Garcia III, founder of Carvana Co., that his share of wealth lost this year is second only to Sam Bankman-Fried.
The fortune of Garcia III has tumbled by $6.7 billion this year to $119 million, according to the Bloomberg Billionaires Index. It tumbled $87 million, or 42%, on Wednesday alone as shares of the Arizona-based online car seller plummeted after its largest creditors signed a deal to act together in potential debt-restructuring negotiations.