CEO’s Dad Gets $3.6 Billion Stock Windfall at Carvana

CEO's Dad Gets $3.6 Billion Stock Windfall at Carvana

Other than Jeff Bezos, Mark Zuckerberg and members of the Walton family of Walmart Inc., no person has earned more than an Arizona used-car magnate from selling stock in his company in the past year.

The company’s filings show that Ernie Garcia II, the father of Carvana’s chief executive officer, has sold more than $3.6 billion in stock since October. The sale amount is 16% of his stake in the company. According to the company’s filings, he has benefited from an ownership structure that provides benefits to him and his family and allows them to retain control of the business. According to filings, lawsuits, and corporate governance and tax analysts, some of these gains may come at the expense of other shareholders.

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