Other than Jeff Bezos, Mark Zuckerberg and members of Walmart Inc.’s Walton household, no particular person has earned extra from promoting inventory of their firm over the previous 12 months than a used-car magnate from Arizona.
Firm filings present Ernie Garcia II, the daddy of Carvana Co.’s chief govt officer, has offered greater than $3.6 billion of inventory since October. The gross sales quantity to 16% of his holdings within the firm. He has benefited from an possession construction that confers advantages on him and his household and permits them to keep up management of the enterprise, in accordance with firm filings. A few of these advantages can come on the expense of different shareholders, in accordance with the filings, a lawsuit, and company governance and tax analysts.