The resurrection of Carvana’s stock price from its 2022 lows has amounted to a monumental rise in the fortunes of its chief executive and his father.

CEO Ernie Garcia III, who co-founded the company, and his father, Ernie Garcia II, who bankrolled it, have seen a combined $11 billion increase in their net worths since December 2022, thanks to a 3,000% increase in share price from that time, Bloomberg reported Thursday.

When the Carvana stock hit its low point, there were murmurs that the online used car dealership was headed for bankruptcy court, falling after a titanic rise during the pandemic. But the company appears to have righted the ship – at least for now – after restructuring its operations and debt since that time.

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Carvana stock surged this week after the company forecast a surprise rise in current-quarter retail sales and core profit, sending shares up 34% on Thursday.

With that boost, Bloomberg reported, the older Garcia’s net worth hit $10.9 billion, up from $3.1 billion just a few years ago. His son’s fortune reached $3.8 billion this week.

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The company reported a first-quarter profit of $49 million, compared with analysts’ estimates of $31.2 million, according to LSEG data.

Carvana’s latest results come as high interest rates prompt consumers to look for deals on second-hand cars instead of buying new ones. 

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The company’s shares are up about 65% this year after recording an 11-fold rise last year.

Reuters contributed to this report.

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Former Victoria’s Secret model Rosie Huntington-Whiteley, mother of two, announced in a social media post via Instagram that she is stepping down from her role as CCO at Rose Inc, the beauty brand she founded in 2018.

The British founder said in the post, “I founded Rose Inc with a vision to foster a beauty community and create exceptional products in line with my values and beliefs. However, due to significant changes within the business, I’ve made the considered decision to step down from the brand.”

The assortment of clean products for sale included makeup, skin-care and beauty tools, including brushes and reusable makeup-remover pads made of organic bamboo cotton.

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Huntington-Whiteley spent two years adapting the brand before officially launching products both online and in stores in 2021. The line was sold exclusively at Sephora, Mecca and SpaceNK stores and on the Rose Inc website.

“I was also looking for the right partner to build our beauty brand with,” she said during an interview with Glossy.

Huntington-Whiteley chose Amyris, Inc., a developer and manufacturer of sustainable ingredients used in beauty products, as her exclusive partner.

At the time, Amyris also formed a new company called Clean Beauty Collective. The brand of clean beauty products and fragrances operated under Rose Inc. Amyris owned 60% and Huntington-Whiteley owned 40% of the label.

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In August 2023, Amyris filed for Chapter 11 bankruptcy with more than $1 billion in debt, and won approval in court. According to court documents, the company was valued at $134.4 million.

On December 13, 2023, Amyris consumer brands sold Rose Inc, among other brands, to AA Investments, a Hong Kong-based asset management firm, for $2.5 million at auction.

Huntington-Whiteley shared in her post that the bankruptcy led to selling to “the highest bidder at auction.”

“The brand is now under new ownership, and moving forward I am no longer involved or affiliated with its operations, products, or promotional activities,” she stated. “Authenticity and integrity are paramount to me in any business endeavor on which I embark and therefore, it is time for me to close this chapter and pursue new adventures.”

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The exact reasons the “Transformers: Dark of the Moon” actress stepped down are currently unclear.

English actor and fiancé to Huntington-Whiteley, Jason Statham, encouraged his wife in the comment section of the post by writing, “One door closes another opens…Glad to put this one to bed!!”

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He added, “The best is yet to come baby, Love forever J x”.

Huntington-Whiteley concluded her post by writing, “As I embrace the future, I reflect on the journey and the invaluable lessons I’ve learned along the way. It has been one of my proudest accomplishments to build and grow the Rose Inc community over the years, and I’d like to take this opportunity to sincerely thank you for your support, commitment and belief.”

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