Carvana Duo Make $11 Billion in 3,000% Stock Rebound (Correct)

The father-son duo behind Carvana Co. have seen their fortunes rebound as shares of the Phoenix-based online used-car dealer have surged more than 3,000% from historic lows.

Ernie Garcia II and Ernie Garcia III have added more than $11 billion in combined net worth since December 2022, when Carvana stock fell below $4 a share as rising interest rates sapped sales and the company was forced to restructure debt. The shares jumped 34% on Thursday to the highest in more than two years after the company reported stronger first-quarter earnings with revenue topping analysts’ expectations.

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