Carvana CEO’s Father Sees $1.4 Billion Windfall From Stock Sale

Ernie Garcia II, the father of Carvana Co. Chief Executive Officer Ernest Garcia III, has cashed in $1.4 billion of the company’s stock since April — a stake that’s now worth $2.5 billion after a blistering rally in the online auto retailer’s shares.

The elder Garcia has unloaded almost 10 million shares of Carvana since April 11, selling all of his Class A stock and converting some of his Class B voting shares and liquidating them.

He still has 69.2 million remaining Class B shares held individually or in trust, making up the bulk of his $17.6 billion fortune. ...