Carvana stock surge leaves short sellers sitting on $1 billion loss

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Ines Ferré

Carvana (CVNA) stock surged more than 50% on Thursday, leaving short sellers sitting on heavy losses as the troubled car retailer continues its turnaround. On Friday, the stock was again seeing wild swings, rising as much as 12% before dropping more than 5% in morning trade. Friday’s drop, however, isn’t likely to blunt the pain felt by short sellers following Thursday’s 56% rally that pushed this year’s losses for bets against the stock higher.

“Our record-breaking 2023 first quarter is evidence that our strategy is working, and our updated Q2 2023 outlook demonstrates that our progress continues to positively impact the business even faster than expected,” Ernie Garcia, Carvana founder and CEO, said in a release.

Carvana announced

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