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Carvana Co. (NYSE:CVNA) shares are down 7% in early trading Thursday despite news that the large shareholder and the father of the CEO, Ernest C. Garcia II, bought 1,982,258 shares from 06/10/22-06/13/22 at prices from $20.4958-$21.9741.
The value of the purchase was over $40 million.
Garcia controls 44.46% of the shareholder following the latest purchase.
Shares of Carvana are down 90% year-to-date on concerns about the business model.
