Carvana’s 10,000% Rally From Low Deals $7 Billion Blow to Shorts
A BMW vehicle on a flatbed truck at a Carvana vending machine location in Uniondale, New York, in 2024.
Photographer: Angus Mordant/BloombergCarvana Co.’s shares notched an all-time high this week — rising more than 10,000% from a low in late 2022 — and delivering a blow to investors betting against the online used-car dealer.
The jump to record caps a roller-coaster ride for the stock that quickly became an investor darling after a public debut in 2017, but has also been plagued by criticisms ranging from claims that the company was overvalued and allegations of lax business practices. The latest gains came after the company’s blockbuster second-quarter results on Wednesday fueled expectations that a turnaround is taking hold at the embattled company.