Carvana Father-Son Duo Make $11 Billion in 3,000% Stock Rebound

Ernie Garcia II and Ernie Garcia III, the father-son duo behind Carvana Co., have seen their net worth increase by over $11 billion as the company's stock soared more than 3,000% from its low point in December 2022. This surge followed a strong first-quarter earnings report that exceeded expectations, driving the stock up 34% in one day.

The rebound in Carvana's stock from below $4 a share to over $10.9 billion in value for the elder Garcia and $3.8 billion for his son comes after a challenging period of rising interest rates and restructuring debt. Despite this recovery, Carvana still faces significant challenges with over $6 billion in debt and rising interest payments.