Billionaire father-son team behind Carvana is losing wealth:
Carvana said it faced a “uniquely difficult environment” in the first three months of the year after reporting a larger-than-expected quarterly loss.
The senior Garcia’s fortune is down 49%, or about $7.3 billion, though that’s been partly cushioned by stock sales. He began selling Carvana shares in late October 2020 as they climbed to around $200 each from their pre-pandemic level of about $90. Over the next 10 months, he sold stock almost every day as shares continued rising, disposing of more than $3.5 billion in total, or more than a fifth of his stake, according to Securities and Exchange Commission filings. His last sale was on Aug.
Other prominent funds that reported large stakes as of year-end include Whale Rock Capital Management, Marshall Wace and Sculptor Capital Management.
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