Carvana’s Garcia II Buys Over $40M in Stock With Shares Down 90% YTD

2022.06.16 17:11

Carvana’s (CVNA) Garcia II Buys Over $40M in Stock With Shares Down 90% YTD

By Investing.com Staff

Carvana Co. (NYSE:CVNA) shares are down 7% in early trading Thursday despite news that the large shareholder and the father of the CEO, Ernest C. Garcia II, bought 1,982,258 shares from 06/10/22-06/13/22 at prices from $20.4958-$21.9741.

The value of the purchase was over $40 million.

Garcia controls 44.46% of the shareholder following the latest purchase.

Shares of Carvana are down 90% year-to-date on concerns about the business model.

Source