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Carvana CEO’s Father Sees $1.4 Billion Windfall From Stock Sale
- Stake would be worth $2.5 billion had Garcia II sold at peak
- Early Carvana investor’s selloff echoes 2021 trade before rout
The billionaire’s sales echo a similar run in 2021, when he sold $2.3 billion worth of shares as the stock was soaring.
Photographer: Angus Mordant/BloombergThis article is for subscribers only.
Ernie Garcia II, the father of Carvana Co. Chief Executive Officer Ernest Garcia III, has cashed in $1.4 billion of the company’s stock since April — a stake that’s now worth $2.5 billion after a blistering rally in the online auto retailer’s shares.
The elder Garcia has unloaded almost 10 million shares of Carvana since April 11, selling all of his Class A stock and converting some of his Class B voting shares and liquidating them.