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Carvana CEO’s Net Worth Skids But His Dad, Who Controls Company, Is Worth Nearly $3 Billion

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Ernest Garcia II made billions of dollars by timing his Carvana stock sales to perfection. As the used car retailer careens towards bankruptcy, his controversial cashout looks smarter than ever.

that the company’s two largest creditors, private equity firm Apollo and investment manager PIMCO, entered an agreement to work together in any negotiations with Carvana, which many investors interpreted as a sign of the used car dealer’s impending declaration of bankruptcy. Carvana has not commented on that possibility.

Dad Garcia II, the owner of used car retailer DriveTime Automotive, holds no formal position at Carvana–he pled guilty to bank fraud in 1990 in connection to Charles Keating’s Lincoln Savings & Loan scandal and is legally barred from employment at any New York Stock Exchange-listed company. Yet, he, along with his son, has maintained effective control of Carvana since bankrolling the company in 2013 as an e-commerce spinoff of DriveTime.

The elder Garcia sold his Carvana stock through an automated 10b5-1 trading plan, a common mechanism meant to help executives avoid the appearance of insider trading.

 

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TheMaverickWS So the Garcia's keep the billions they sold at the top, that is the market, but they sure wrecked a lot of lives!

TheMaverickWS Yes indeed.

charles ponzi would be proud

TheMaverickWS 'smarter'

Please take articles with a grain of salt!

main character's name is spelled with a mistake. He is either Garcia II or Garcia III

The stock market is designed to take money from you, not make money for you. They make founders and insider's rich, large shareholders unless you are ryancohen don't understand the stock market and don't sell the pump, CEOAdam sells that pump $nvda CEO sold the pump elonmusk

TheMaverickWS

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Bankruptcy worries swirl around used car retailer Carvana | CNN BusinessUsed car retailer Carvana, facing a cash crunch, could be headed towards bankruptcy, according to both published reports and a bearish analyst's call that slashes its share-price target to $1. Hey UMARYKUN’Z R BIYYNG ELEKTRYCK VEHYKLE’Z.. NOHW AH DEY’Z.. OUWR GHYLDREN R TYER’D UV BREETHYNG.. YMYSHUWN’Z FRUM GAZSSOLYNE ENGYNE’Z… LE’D EM GOW BAYNKRUWP’D… 🚘🛻🚗
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