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The Dramatic Fall of Carvana, “The Amazon of Used Cars”

15 pointsby Octokiddieover 2 years ago

2 comments

boeingUH60over 2 years ago
Carvana’s current market capitalization is $840 million.<p>The founder cashed out $3.6 billion in shares at the height of the bull market [1].<p>Lesson: You can sell BS, light money on fire and make no profit, and still come out on top…Just ask Uber’s Travis Kalanick (cashed out $4B), Postmates’ Bastian Lehman (sold startup for $2.7B), Adam Neumann (got a $1B payout after burning through many billions), etc.<p>1- <a href="https:&#x2F;&#x2F;nypost.com&#x2F;2021&#x2F;09&#x2F;16&#x2F;carvana-ceos-dad-goes-on-3-6-billion-stock-selling-spree&#x2F;amp&#x2F;" rel="nofollow">https:&#x2F;&#x2F;nypost.com&#x2F;2021&#x2F;09&#x2F;16&#x2F;carvana-ceos-dad-goes-on-3-6-b...</a>
ericpauleyover 2 years ago
Seems like a classic case of a company claiming to be a tech play that was just a thinly-veiled leveraged bet on asset prices.