Carvana Founders are losing a lot of money - Bloomberg

The struggles of used-car dealer Carvana are taking a huge toll on the fortunes of the billionaire father-and-son duo behind it.

The Phoenix-based company reported a larger-than-expected loss in the first quarter, saying it faces a "uniquely difficult environment." For Ernie Garcia II and Ernie Garcia III — Carvana's CEO — that's meant a combined loss of more than $11 billion this year, according to the Bloomberg Billionaires Index.

The senior Garcia's net worth has dropped by 49%, or about $7.3 billion, though that's been partly cushioned by stock sales. The fortune of the younger Garcia has plummeted 60%, or about $4.1 billion — a sharper drop than any other U.S. billionaire tracked by Bloomberg's index. Tap the link in our bio for more on the challenges facing a darling of the pandemic.

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