Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Carvana stock rebound boosts fortunes of CEO and his dad by billions By: FOX Business May 03, 2024 at 15:47 PM EDT The revival of Carvana's stock from its 2022 lows has brought a titanic rise in the fortunes of its CEO and his father, who bankrolled the company at its launch. The resurrection of Carvana's stock price from its 2022 lows has amounted to a monumental rise in the fortunes of its chief executive and his father.CEO Ernie Garcia III, who co-founded the company, and his father, Ernie Garcia II, who bankrolled it, have seen a combined $11 billion increase in their net worths since December 2022, thanks to a 3,000% increase in share price from that time, Bloomberg reported Thursday.When the Carvana stock hit its low point, there were murmurs that the online used car dealership was headed for bankruptcy court, falling after a titanic rise during the pandemic. But the company appears to have righted the ship – at least for now – after restructuring its operations and debt since that time.HERE'S HOW MUCH MONEY YOU NEED TO MAKE TO JOIN THE WORLD'S RICHEST 1%Carvana stock surged this week after the company forecast a surprise rise in current-quarter retail sales and core profit, sending shares up 34% on Thursday.With that boost, Bloomberg reported, the older Garcia's net worth hit $10.9 billion, up from $3.1 billion just a few years ago. His son's fortune reached $3.8 billion this week.INSIDE THE MIND OF ‘SELF-TAUGHT’ MILLIONAIRE SHAWN MEAIKE: ‘I WASN’T TRYING TO LIVE BROKE'The company reported a first-quarter profit of $49 million, compared with analysts' estimates of $31.2 million, according to LSEG data.Carvana's latest results come as high interest rates prompt consumers to look for deals on second-hand cars instead of buying new ones. GET FOX BUSINESS ON THE GO BY CLICKING HEREThe company's shares are up about 65% this year after recording an 11-fold rise last year.Reuters contributed to this report. Related Stocks: Carvana Company Cl A Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Carvana stock rebound boosts fortunes of CEO and his dad by billions By: FOX Business May 03, 2024 at 15:47 PM EDT The revival of Carvana's stock from its 2022 lows has brought a titanic rise in the fortunes of its CEO and his father, who bankrolled the company at its launch. The resurrection of Carvana's stock price from its 2022 lows has amounted to a monumental rise in the fortunes of its chief executive and his father.CEO Ernie Garcia III, who co-founded the company, and his father, Ernie Garcia II, who bankrolled it, have seen a combined $11 billion increase in their net worths since December 2022, thanks to a 3,000% increase in share price from that time, Bloomberg reported Thursday.When the Carvana stock hit its low point, there were murmurs that the online used car dealership was headed for bankruptcy court, falling after a titanic rise during the pandemic. But the company appears to have righted the ship – at least for now – after restructuring its operations and debt since that time.HERE'S HOW MUCH MONEY YOU NEED TO MAKE TO JOIN THE WORLD'S RICHEST 1%Carvana stock surged this week after the company forecast a surprise rise in current-quarter retail sales and core profit, sending shares up 34% on Thursday.With that boost, Bloomberg reported, the older Garcia's net worth hit $10.9 billion, up from $3.1 billion just a few years ago. His son's fortune reached $3.8 billion this week.INSIDE THE MIND OF ‘SELF-TAUGHT’ MILLIONAIRE SHAWN MEAIKE: ‘I WASN’T TRYING TO LIVE BROKE'The company reported a first-quarter profit of $49 million, compared with analysts' estimates of $31.2 million, according to LSEG data.Carvana's latest results come as high interest rates prompt consumers to look for deals on second-hand cars instead of buying new ones. GET FOX BUSINESS ON THE GO BY CLICKING HEREThe company's shares are up about 65% this year after recording an 11-fold rise last year.Reuters contributed to this report. Related Stocks: Carvana Company Cl A