Ernest Garcia III – $5.3 billion
When you’ve got a head start in the form of ownership structure (i.e., your family has a huge company), small actions can make a big difference. Ernest Garcia III co-founded Carvana as a subsidiary of DriveTime, which his father, Ernest Garcia II, owns.
Carvana is now the fourth-largest used car dealer in the United States, up from eighth in 2019, but shares plummeted during the pandemic. Shares soon rebounded as the company’s e-commerce platform for used automobiles picked up on demand. Amazingly, the stock doubled within two months after the sale and continued to soar.
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