Carvana Father-Son Duo Down $25 Billion, Leading Wealth Rout

Used-car retailer is caught in selloff of star pandemic stocks
Company’s leaders hit by 87% slump in shares since August peak

Ernie Garcia III, second left, and his father Ernest Garcia II in 2017. Photographer: Michael Nagle/Bloomberg

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By Scott Carpenter

May 5, 2022 at 5:39 PM EDT

Updated on

May 6, 2022 at 8:38 AM EDT

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Nine months ago, the father-son duo that runs used-car company Carvana Co. had a combined personal fortune of more than $32 billion.

Ernie Garcia II and Ernie Garcia III have now shed almost 80% of that wealth, one of the biggest and fastest declines of any billionaire family or individual fortune, according to the Bloomberg Billionaires Index.

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