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The Dramatic Fall of Carvana, “The Amazon of Used Cars”
- ericpauley 4y agoSeems like a classic case of a company claiming to be a tech play that was just a thinly-veiled leveraged bet on asset prices.
- boeingUH60 4y agoCarvana’s current market capitalization is $840 million. The founder cashed out $3.6 billion in shares at the height of the bull market [1]. 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. 1- https://nypost.com/2021/09/16/carvana-ceos-dad-goes-on-3-6-billion-stock-selling-spree/amp/ https://nypost.com/2021/09/16/carvana-ceos-dad-goes-on-3-6-b...