Carvana's father-son duo made $11 billion on stock surge

Ernie Garcia II and Ernie Garcia III, stakeholders in Carvana, saw their combined net worth surge by $11 billion following a significant rebound in the company's stock. After a challenging period marked by high interest rates and restructuring rumors, Carvana's stock price skyrocketed by over 3,000% from its record low in December 2022. This surge followed a strong first quarter in 2023, where the company reported a 16% increase in sales and sold 91,878 used cars.