Carvana Founder’s Fortune Plunges 98% as Firm Burns Through Cash

Things have gotten so bad for Ernie Garcia III, founder of Carvana Co., that his share of wealth lost this year is second only to Sam Bankman-Fried.

The fortune of Garcia III has tumbled by $6.7 billion this year to $119 million, according to the Bloomberg Billionaires Index. It tumbled $87 million, or 42%, on Wednesday alone as shares of the Arizona-based online car seller plummeted after its largest creditors signed a deal to act together in potential debt-restructuring negotiations.

His 98% drop in wealth is the second-largest percentage decline among those tracked by the Bloomberg index this ...