But even the most optimistic outlooks don't anticipate us exiting a bear market for another year or so. Garcias son, Ernie Garcia III, started the online car company Carvana Co. in 2012. Ernest Garca II is an American billionaire businessman, in the used car sector. What are the main benefits of having another shot creator and off-ball spacer of Durant's caliber? Ernest Garcia III serves as Chairman of the Board, President, Chief Executive Officer of the Company. Nine months ago, the father-son duo that runs used-car company Carvana Co. had a combined personal fortune of more than $32 billion. The father-son duo were worth a combined $32 billion at their peak in August 2021. This net worth evaluation does not reflect any other investments that Mr. Garcia, III may own. See also Carvana Net Worth, Ernie Garcia, History (Updated) In 2014, 1 million meals were claimed to be delivered per month. Dan has 8 jobs listed on their profile. Ernie Garcia II and Ernie Garcia III have now shed almost 80% . Building Carvana has been no different. By reducing $600 million worth of inventory, Carvana will see an increase of $660 million in cash. 11, 2020. Carvana's Ernie Garcia II and Ernie Garcia III have lost more than $11 billion combined so far . Ernie Garcia II and Ernie Garcia III have lost more than $11 billion combined so far this year, according to the Bloomberg Billionaires Index. $2.5 billion, according to our most recent tally. Approximately 20,000 people work for Carvana as of January 2022. The company said after its earnings report that it plans to raise $1 billion in a stock offering through Citigroup Inc. and JPMorgan Chase & Co. Garcia III is one of two investors who indicated an interest in purchasing as much as $432 million of the shares. Since then, Carvana's stock price has fallen from more than $360 a share to $8.76 per share as of this writing a 97% decline. DriveTime provided the initial funding round for the startup. Shortt's current net worth in 2023 is estimated to be $1.53 million, according to Wallmine. Elon Musk, the worlds richest person, lost more than $18 billion, according to the Bloomberg index, leaving him a fortune of $249.2 billion as shares of Tesla Inc. tumbled 8%. After launching Carvana in 2013 alongside Ryan Keeton and Ben Huston, the company was named to the 2021 Fortune 500 List, making it one of the youngest companies to be added to the list. ", Adding that, "Not all of the conversations were through Zoom.". Ernie Garcia III started 2021 with a net worth of $7.4 billion, which has now dropped to $3.2 billion, according to Forbes. Carvana, which went public in 2017, is one of the most valuable . Well, according to renowned health care economist Dr. Uwe Reinhardt, Its the prices, stupid.. As a result, Carvana plans to focus on cost-cutting and inventory trimming in order to maximize profits. Those dragged down include Chase Colemans Tiger Global Management, which has lost $16 billion this year, and CAS Investment Partners, the hedge fund run by Clifford Sosin. "It was a very scary experience,"Jay Romero, a former Carvana employee, told CBS MoneyWatch. Carvana.com enables customers to quickly and easily shop more than 75,000 vehicles, finance, trade in or sell their current vehicle to Carvana, sign contracts and schedule delivery or pickup at . Shares of the used car platform had rallied a total of 111% over the previous . Carvana (CVNA 6.55%) . In 2017 Garcia II spun Carvana out of his father's company Drivetime in an IPO that raised $225 million. Carvana was created in 2012 after the younger Garcia spun it out of DriveTime Automotive, an operator of used-car dealerships owned by his father. The announcement was made by Carvana's Chief Executive Officer Ernie Garcia in an email to . According to Forbes, this founder of Carvana has an estimated net worth of $8.3 billion. A tax receivable agreement also is in place for Carvana, which can disproportionately benefit early investors and founders over public shareholders. (Bloomberg) -- Used-car dealer Carvana Co. said it faced a uniquely difficult environment in the first three months of the year after reporting a larger-than-expected quarterly loss. Thats taking a huge toll on the fortunes of the billionaire father-son duo behind the Phoenix-based company. There are no executives at Carvana Co getting paid more. 2022 . Garcia's son, Ernie Garcia III, started the online car company Carvana . "That's a sharper drop than . Ernie Garcia II and Ernie Garcia III have lost more than $11 billion combined so far this year, according to the Bloomberg Billionaires Index. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Chairman and CEO, Carvana. The younger Garcia, Carvana's chief executive officer, has now lost 60% of his net worth, or about $4.1 billion, since the start of 2022. Prior to founding Carvana, Mr. Garcia held various roles at DriveTime from January 2007 to January 2013. After graduation, Garcia then went on to work for DriveTime, a used car retailer and finance . We were a passionate group of people who believe we . Ernest Garcia, II is the biggest shareholder of Carvana, an online platform for selling used cars and making auto loans that conducted an IPO in 2017. Ernie Garcia III, got the idea for Carvana while working for his father . The beginning of 2022 through the present have brought a combination of ongoing inflation, supply chain issues, war, and other significant business challenges. A Carvana spokesperson said working with affiliated companies offers the firm a unique advantage and allows for faster growth. Earnest has a net worth of around $4.6 billion and is the second-largest shareholder of Carvana. The Garcias are emblematic of the pandemic economy, as pent-up savings spurred interest in car ownership and ultra-low rates boosted financing for purchases. Ernie Garcia III, got the idea for Carvana while working for his father's company, DriveTime. Occupation. All Rights Reserved. The most active insiders traders include Ernest C. Iiverde Investmen, House Partnership Lp Spruce, and House Partnership Llcspruce. Ernie Garcia II and Ernie Garcia III have lost more than $11 billion combined so far this year. of net long-term debt. In 1990 when he was 33, Garcia pleaded guilty to a bank fraud charge related to his dealings with Lincoln Savings & Loan. Founder and CEO at Carvana Phoenix, Arizona, United States. Related: Carvana to Lay Off 12% of Its Workforce, Ignites 'Mass Hysteria'. The country's leadership set this year's economic growth target at around 5%, a target more modest than some had previously projected as policymakers take into account a wide range of difficulties besetting the worlds second-largest economy. When the music stopped, Garcia fired about 20% of the company's workforce in two waves . Mr. Garcia owns over 2,000,000 units of Carvana Co stock worth over $8,576,500 and over the last 6 years he sold CVNA stock worth over $0. However, in a telephonic interview with auto news, Carvana CEO, Ernie Garcia said that the company will not be laying off employees. From Ex-Con To Billionaire Used Car Baron: The Ernest Garcia II Story, Elon Musk Just Unlocked A $2.7 Billion Bonus The Second Tier In His Unique Compensation Plan, These Five Billionaires have LOST The Most In Net Worth In 2020. Alma mater. (1,307) (152) Net loss attributable to Carvana Co. (806) (89) (1,587) (135) . In 1990 he pled guilty to a felony bank fraud charge for his role in the Lincoln Savings and Loan Association collapse. (Dave Klemow/Carvana) LEHI, Utah Online car dealership Carvana opened its newest car vending machine in Lehi on Wednesday. The current estimated net worth of Carvana Co's Chief Executive Officer, Ernest C. Garcia, III, is estimated to be about $108.65K . He is the owner of DriveTime (originally named UglyDuckling), and a major shareholder of Carvana.In 1990 he pled guilty to a felony bank fraud charge for his role in the Lincoln Savings and Loan Association collapse. He frequently modified the plan, which can cause regulatory concern as it gives the appearance of acting on insider information. Employees will receive four weeks of pay and one additional week for each year they have been with the company. It's located just off Interstate 15 at 2950 N. Triumph Way in Lehi. Thomas Griesel and Dominik Richter are the founders of Hellofresh, and the company's net worth is $2.3 billion, with investment capital worth hundreds of millions. Forbes says the 63-year-old DriveTime owner is Arizona's richest person, and the Bloomberg Billionaires Index pegs the combined net worth of Garcia and his son Ernie . All rights reserved. Forbes says the 63-year-old DriveTime owner is Arizona's richest person, and the Bloomberg Billionaires Index pegs the combined net worth of Garcia and his son Ernie . Carvana's net worth as of the fiscal year ending Dec. 31, 2021, was $525 million. Daniel Taylor, the head of the Wharton Schools Forensic Analytics Lab, said, The existing structure has allowed them to run this $60 billion public company as if its a family firm and for the familys benefit, according to The Wall Street Journal. Carvana.com enables consumers to quickly and easily shop more than 20,000 vehicles, finance, trade-in or sell their current vehicle to Carvana, sign contracts, and schedule as-soon-as-next-day delivery or pickup at one of Carvana's patented, automated Car Vending Machines. Just days prior to Carvana announcing the layoffs, the company saw an 18 percent drop in the stock market, leaving it down 87 percent from its August peak, according to Fortune. Calculating Carvana's Net Worth. View Ernie Garcia's profile on LinkedIn, the world's largest professional community. As for his father, also the biggest shareholder of Carvana, Ernie Garcia II has seen his net worth shrink from $15.9 billion in 2021 to $8.6 billion in 2022. He's not exactly a household name, but Ernest "Ernie" Garcia II has quietly become one of America's richest men through selling and financing used cars, an unsexy business that has nonetheless proven highly lucrative. Ernest Garcia III is the CEO and cofounder of Carvana, an ecommerce platform for buying and selling used cars. All Rights Reserved. . S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. He was a managing director of corporate finance from December 2008 to November 2009. In 2017 Garcia II spun Carvana out of his father's company Drivetime in an IPO that raised $225 million. The fired Google engineer who thought its A.I. Ernie Garcia III Net worth. Mr. Garcia is also Chairman of the Carvana Co. Board. As of 26 April 2022 he still owns at least 850,000 units of Carvana Co stock. As the Chairman of the Board, President, and Chief Executive Officer of Carvana Co, the total compensation of Ernest Garcia at Carvana Co is $2,957,130. Garcia II has sold over $3.6 billion in Carvana stock since October 2020. Copyright 2023 Entrepreneur Media, Inc. All rights reserved. The offering would now be for $1.25b in proceeds and it included a proposed purchase of 5.4mm shares by Ernest Garcia II and Ernie Garcia III, Carvana's CEO . President, Chief Executive Officer & Chairman at Carvana . Prior to his role in business, he obtained a degree from Stanford University in Management Science and Engineering. As the used car retailer careens towards bankruptcy, his controversial cashout looks smarter than ever. The wholesale car auctions inspired the idea, which takes less than 30 seconds and offers a return policy. Read our privacy policy for more information. has now lost 60% of his net worth, or about $4.1 . Tech and online consumer firms that soared in value only months ago have been clobbered. Ernie Garcia III, founder and chief executive officer of Carvana Co., second left, and his father Ernest Garcia II, chairman of Carvana Co., center, stand during the company's initial public offering (IPO) on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on . The somewhat rapid rise and fall of both Carvana and the Garcia father-son duo may be due to the fact that Carvana's business model was positioned to thrive during the pandemic the online car retailer buys, sells, and delivers used cars with little to no human interaction and so experienced unique success during Covid-lockdown, as consumers were hesitant to shop in-person. Together they have voting control of about four-fifths of Carvana, whose shares had tumbled 60% this year through Wednesday before the company reported a first quarter loss of $506 million. Raymond Taylor Net Worth 2022 How Rich is the Rapper? The largest trade he's ever made was buying 2,000,000 units of Carvana Co stock on 26 April 2022 worth over $160,000,000. Along with the volatile used car market, Carvana has had a tough year as far as revenue, and the fate of the company is uncertain as the year comes to a close. Carvana CEO Ernie Garcia: "We're now back to a place where we've spent most of our lives . The father-son duo were worth a combined $32 billion at . Ben Huston, Ernest Garcia III, and Ryan Keeton founded Carvana in 2012. Carvana's net worth as of the fiscal year ending Dec. 31, 2021, was $525 million. 'Daisy Jones & The Six' is breaking records and topping charts. Ben Huston co-founded Carvana and has served the company as its chief operating officer ever since.2022-02-25. During a funding round in 2014, they raised $50 . The up-gunned, tracked MT-LBs are further evidence of the Kremlins worsening equipment crisis as it struggles to make good its losses in Ukraine. Related by education: University of Arizona. He's worth $267 million, after starting the year as a billionaire almost seven times . Forbes said his stake in Carvana alone is worth $1.5 . Entrepreneur and its related marks are registered trademarks of Entrepreneur Media Inc. Ernie Garcia III, Carvana's chief executive officer, and his father, Ernie Garcia II, have lost billions as the company's stocks continue to fall. By Kathryn Underwood. Stanford University. At the time, the company blamed a "recession" in auto sales and said the cuts would mostly be in its operations division, CBS News reports. Ernest Garcia III is the son of Ernest Garcia II. Why does the US spend more per capita on health care than any other nation? Ernest Garcia II made billions of dollars by timing his Carvana stock sales to perfection. Ernie Garcia - Founder Garcia II also owns and runs DriveTime Automotive, the nation's fourth-biggest used car retailer. Phoenix-based Carvanas losses exceeded those of the broader market, falling 18% and leaving the stock down 87% from its August peak. . Gta 5 Net Worth 2022; Development, Controversial Issues and Awards, Lexie Spiranac Net Worth 2022; Biography, Wiki, Career (Updated). Online retailer of used cars. For the months April through June 2020, Carvana generated $1.12 billion in revenue, an increase of 13%. Founded by (CEO of Carvana) Ernest Garcia. At its high, Carvana stock was trading around $360 in August 2021, but the profits were short-lived as prices began to steadily drop in November of that year and haven't come up since. Learn More about Ernest C. Garcia, III's net worth. Net Worth Calculator Find your Exact Net Worth. And thanks, everyone, for joining the call. FORTUNE may receive compensation for some links to products and services on this website. 2023 Fortune Media IP Limited. Other prominent funds that reported large stakes as of year-end include Whale Rock Capital Management, Marshall Wace and Sculptor Capital Management. Today, Garcia is a billionaire with a net worth of $2.5 billion. Investors in Carvana can even find warnings about its structure in financial filings. How has the Suns' new starting group performed? Did Carvana boss Ernest Garcia II get to Florida State Senators? Wealth Management is part of the Informa Connect Division of Informa PLC. "Recent macroeconomic factors have pushed automotive retail into recession," the company said in a statement. Number 8860726. Despite its rising popularity, the company made headlines in May 2022 after it was revealed that it fired 2,500 workers over Zoom. Lines and paragraphs break automatically. All Rights Reserved. He dropped out of school before graduating to become a stock broker and eventually turned to real estate development in Phoenix. Garcia started Carvana as a way to sell used cars directly instead of relying on middlemen; the company also offers financing services. Carvana Net Worth, Ernie Garcia, History (Updated), Kreyol Essence Net Worth, Kreyol Essence Shark Tank Deal, Founder (Updated), AEW Net Worth (All Elite Wrestling Net Worth), Kanga Cooler Net Worth, Logan LaMance, Shark Tank Deal (Updated), Dr. Squatch Net Worth, Haldrup, Fundings (Updated), 19 Things You Didnt Know Billionaires Were Ruining, Minecraft Net Worth 2023; Founder, History, Stats (Updated), Michel Le Net Worth 2023; Biography, Wiki, Career (Updated), Wall Street Trapper Net Worth, Biography, Wiki (Updated). 'Creed III' the ninth Rocky Cinematic Universe film is in theaters March 3. Madeline Garfinkle is an Editorial Assistant at Entrepreneur.com. With Carvana, people can buy and sell cars online and make the process more convenient. Hints and clues to help you with today's Wordle. C.J. 2022 Billionaires: Cities With The Most Billionaires, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. So is the fortune of Ernie Garcia III, Carvana's chief executive officer. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices Hints and clues to help you with today's Wordle. Carvana was born as a spin-off of DriveTime that focused on online car sales. The company introduced touchless pickup and delivery in March 2020 in response to COVID-19. Ernest Garcia II. Known for its car "vending machine," the used car retailer has been run by co-founder and CEO Ernest Garcia III since 2012. Ernest C. Garcia III (born 1982/1983) is an American businessman, and the CEO and co-founder of Carvana. She is a graduate from Syracuse University, and received an MFA from Columbia University. UPDATE Jan 25, 2022, 'MONEY TALKS BULLCRAP WALKS IN PAY FOR PLAY'. On average, Ernest trades about 34,115 units every 28 days since 2017. Perhaps in anticipation of the decline or just pure dumb luck, Ernesto Garcia II sold $3.6 billion worth of his shares between October 2020 and September 2021. It's possible we'll see Carvana's stock (among other tech stocks) bounce back eventually. Here's what else you need. Mr. Garcia is also Ch airman of the Carvana Co. Board. Ernest C. Garcia, III owns about 850,000 units of Carvana Co . Last night, the Tempe-headquartered firm also committed to trimming its costs by a whopping $1.0 billion over the next months. Prior to DriveTime, Mr. Garcia was an associate in the Principal Transactions Group at RBS Greenwich Capital from 2005 to 2006, where he focused on consumer-credit-based investments. Prior to his role in business, he obtained a degree from Stanford University in Management Science and Engineering. People may receive compensation for some links to products and services on this website. The senior Garcias fortune is down 49%, or about $7.3 billion, though thats been partly cushioned by stock sales. What are the main benefits of having another shot creator and off-ball spacer of Durant's caliber? He began selling Carvana shares in late October 2020 as they climbed to around $200 each from their pre-pandemic level of about $90. The country's leadership set this year's economic growth target at around 5%, a target more modest than some had previously projected as policymakers take into account a wide range of difficulties besetting the worlds second-largest economy. could be sentient says Microsofts chatbot feels like watching the A cruise company is making a big play for remote workers to sail around the world for just $30,000 a year, CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. No one has lost more than Ernest Garcia III, the 40-year-old founder and CEO of Carvana. In addition, he makes $2,957,130 as Chairman of the Board, President, and Chief Executive Officer at . in management science and engineering from Stanford University. Registered in England and Wales. Forbes 400 (2022 . Get Ernie Garcia's email address (e*****@carvana.com) and phone number (915849..) at RocketReach. The car vending machine is eight stories tall and can hold 27 vehicles. Web page addresses and e-mail addresses turn into links automatically. It recorded a net loss of $806 million in Q4 alone. The most recent stock trade was executed by Thomas Taira on 22 November 2022, trading 35,000 units of CVNA stock currently worth $240,100. The son of a liquor store owner who was for a while also the mayor of Gallup, New Mexico, Garcia was on the golf team at the University of Arizona. Ryan Keeton serves as Carvanas chief brand officer a position he has held since he helped to co-find the firm in 2012. The way Carvana is structured might seem somewhat questionable. From January 2007 to December 2008, he served as a financial strategist. Not the Ernie Garcia you were looking for? However, as people adjusted to a post-pandemic world, the market climbed right back up. Garcia launched Carvana in 2012 as a subsidiary of DriveTime, a traditional used car business that operates 126 dealerships in 25 states. Ernest C. Garcia III (born 1982/1983) is an American businessman, and the CEO and co-founder of Carvana . 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. Like us on Facebook atwww.facebook.com/TheSunUSand follow us from our main Twitter account at@TheSunUS, 2020 THE SUN, US, INC. ALL RIGHTS RESERVED | TERMS OF USE | PRIVACY | YOUR AD CHOICES | SITEMAP, Carvana is known for its car "vending machine". He played a role in a real estate scandal involving Charles Keating and his Lincoln Savings and Loan Association. Today those same shares would be worth $108 million. That's a sharper drop than any other U.S. billionaire tracked by Bloomberg's index, exceeding the 46% decline of Netflix Inc.'s Reed Hastings. Should you buy Carvana stock? Nothing worth doing is easy. His fortune soared to over $11 billion at Carvana's peak in August 2021. Thats a sharper drop than any other U.S. billionaire tracked by Bloombergs index, exceeding the 46%declineof Netflix Inc.s Reed Hastings. November 17, 2022 05:19 PM. [1] For used-car buyers, Carvana features easy online browsing for used cars, offers free home delivery (or the option to pick up your vehicle at a Carvana vending machine), and gives buyers a 7-day trial period with the vehicle with no obligation. Then, we saw things do a 180. [5] He joined DriveTime in 2007, before co-founding (with Ryan Keeton and Ben Huston) its subsidiary Carvana in 2012, with Garcia as president and CEO since its inception. The cruise line's updated contract follows a spate of unruly guest behavior across the tourism industry. Mr. Garcia II owns 2,578,314 shares of Carvana stock worth more than $21,864,103 as of February 27th. Ben Huston co-founded Carvana, which he currently leads as chief operating officer. In fact, since August 2021, the company's co-owners, Ernie Garcia II and Ernie Garcia III, have lost more than 90% of their peak net worth. . By removing the traditional dealership infrastructure and replacing it with technology and exceptional customer service, Carvana offers consumers an intuitive and convenient online car buying and financing platform. Carvana executives Ernie Garcia, Ryan Keeton, and Teresa Aragon, with Senior Customer Advocate Tonea Sutton discuss how Carvana has used innovative thinking and technology to reimagine the car-buying experience. Garcia III believed this type of vehicle buying experience would be more appealing for retail customers, compared to negotiating with a traditional dealer for four hours or more. These Sisters Quit Their Jobs Mid-Pandemic to Risk It All for Their Brand. He's not exactly a household name, but Ernest "Ernie" Garcia II has quietly become one of America's richest men through selling and financing used cars, an unsexy business that has nonetheless proven highly lucrative. It is still leaning on Mr. Garcia III's father for . 2023 Celebrity Net Worth / All Rights Reserved. If you do not require the car dealer to turn a title over to the new car . Carvana purchased thousands of cars from DriveTime to meet surging customer demand during the pandemic, and failed to disclose that the younger Garcia owned a significant stake in DriveTime and other companies that supply services to Carvana, the Wall Street Journalreportedin December. The younger Garcia, Carvanas chief executive officer, has now lost 60% of his net worth, or about $4.1 billion, since the start of 2022. But perhaps no company has suffered as much as used-car company Carvana. There are 14 older and 1 younger executives at Carvana Co. However, as people began to trickle back into the world, the model proved to be unsustainable. ", He added, "One of Carvana's slogans is 'Treat customers as you would treat your own mom,' and we didn't get treated that way as employees. CARVANA has been dominating commercials and the car industry for its unique approach to selling and buying cars. Carvana was designed with a dual-share structure, which gives each share held by either of the Garcias a value of 10x the voting power of shares held by retail investors. 2022 Billionaires Net Worth. . Company based on. ET. 2023 Informa USA, Inc., All rights reserved, RIA Roundup: Lazard Asset Management Acquires Truvvo Partners to Create $8B Family Office, Eight Must Reads for CRE Investors Today (March 3, 2023), Charitable Giving With Non-Charitable Trusts, Watercoolers Become RTO Measure as Remote-Work Debate Rages, Blackstone Defaults on 531 Million Nordic Property CMBS, The 12 Best Business Books of 2022 for Advisors, The Most-Revealing Onboarding Questions Advisors Ask, Allowed HTML tags: . Carvana competes directly with used car superstore CarMax. The up-gunned, tracked MT-LBs are further evidence of the Kremlins worsening equipment crisis as it struggles to make good its losses in Ukraine. Carvana is feeling that impact. Carvana's complete fourth quarter 2022 and full year 2022 financial results and management commentary can be found by accessing the Company's shareholder letter on the quarterly 2023 Forbes Media LLC. Several A-list celebrities have turned down the opportunity to perform at the Coronation Concert for King Charles III. The oldest executive at Carvana Co. is DanQuayle, 73, who is the Independent Director. Nine months ago, the father-son duo that runs used-car company Carvana Co. had a combined personal fortune of more than $32 billion. On average, Carvana Co executives and independent directors trade stock every 4 days with the average trade being worth of $938,400. As director of quantitative analytics, Mr. Garcia was responsible for the firms ongoing development of consumer credit scoring models, and its utilization of those tools in retail-vehicle-sales deal structuring and vehicle-price optimization. Its the year of Jonathan Majors, and don't let anyone tell you otherwise. Related by education: Stanford University. When the Covid-19 pandemic first hit U.S. shores in March 2020, the stock market took a major tumble. Offers may be subject to change without notice. This is the third in a four-part series on the Health Affairs Council on Health Care Spending and Values newly released report, "A Road Map for Action," where we examine the spending impacts of state-set spending growth targets. Born in the early 1980s, Ernest Garcia III, 40, is known as an American billionaire businessman and the CEO and co-founder of Carvana. And the Garcias aren't the only ones; Elon Musk, Mark Zuckerberg, and Jeff Bezos have all lost billions of dollars as well, though they were starting from much higher net worths. By end of the Q2 2023, the company is trying to reduce its various expenses by $100 Million. Related: Carvana Stock Could Be Worth As Little As $1 Per Share, Analyst Predicts. Market Realist is a registered trademark. 'Daisy Jones & The Six' is breaking records and topping charts. How much is the owner of Carvana worth? His last sale was on Aug. 23, about two weeks after the stock peaked at $376.83 and began a steep decline. In the end, much of 2020 and 2021 both saw significant growth in just about every industry. As of April 2022, his net worth was estimated at US$7.2 billion. With a net worth of $5 billion, Mark . Before starting Carvana, Garcia III worked for his fathers company, DriveTime Automotive Group from 2007 to 2013. Reflects change since 5 pm ET of prior trading day.