Carvana Duo Make $11 Billion in 3,000% Stock Rebound

Ernie Garcia II’s fortune surged $7.8 billion from 2022 low
Online used-car dealer’s shares rise 34% after earnings beat

WATCH: Carvana CEO Ernie Garcia III discusses the company’s better than expected earnings.

Bloomberg

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By Diana Li and Jack Witzig

May 2, 2024 at 8:54 PM UTC

Corrected

May 3, 2024 at 3:40 PM UTC

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The father-son duo behind Carvana Co. have seen their fortunes rebound as shares of the Phoenix-based online used-car dealer have surged more than 3,000% from historic lows.

Ernie Garcia II and Ernie Garcia III have added more than $11 billion in combined net worth since December 2022, when Carvana stock fell below $4 a share as rising interest rates sapped sales and the company was forced to restructure debt. The shares jumped 34% on Thursday to the highest in more than two years after the company reported stronger first-quarter earnings with revenue topping analysts’ expectations.