Ernie Garcia II, the father of Carvana Co. CEO Ernest Garcia III, has made a significant financial gain by selling nearly 10 million shares of the online auto retailer since April 11.
This strategic move comes as Carvana's stock has experienced a surge, resulting in the elder Garcia's remaining stake being valued at approximately $2.5 billion.
Garcia II has sold all of his Class A shares and converted some of his Class B voting shares into cash. The recent increase in Carvana's stock price has led to this substantial windfall, highlighting the potential for profit in the online automotive market.