Ernest Garcia III


NET WORTH: $800 million (ª from $9.3 billion)

As used car demand drove up the stock of online auto retailer Carvana during the pandemic, its largest shareholde­r, Ernest Garcia II (No. 244), unloaded $3.5 billion worth of stock during the 15 months through December

2021. His son, company cofounder and CEO Ernest Garcia III, opted to hold. He’s now the biggest loser from last year’s Forbes 400 on a percentage basis. Carvana shares crashed by 90% over the past year as the company reported its ’rstever quarterly sales decrease, laid o• 12% of its workers and faced legal and regulatory scrutiny for failing to provide customers with titles (which Carvana has denied). Undeterred and apparently sensing a bargain, Garcia III scooped up

$160 million of Carvana stock in April at $80 per share— roughly double their current value.

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