Carvana shares are under pressure this week as Mark Walter probe fuels investor jitters
Carvana shares are headed for a double-digit weekly loss as a federal investigation into billionaire Mark Walter shines a spotlight on his minority stake in the online used-car retailer. The stock dropped more than 7% Tuesday, one day after a similar-sized decline Monday.
Reported by 1 outlet — CNBC Top News. See all sources ↓
Carvana shares are headed for a double-digit weekly loss as a federal investigation into billionaire Mark Walter shines a spotlight on his minority stake in the online used-car retailer. The stock dropped more than 7% Tuesday, one day after a similar-sized decline Monday. Shares rebounded modestly Wednesday but remain down about 10% for the week. The pressure came after the Wall Street Journal reported that federal prosecutors and the Securities and Exchange Commission are investigating Walter and businesses tied to his financial empire over whether financial relationships were concealed while more than $20 billion was routed through insurance companies he controls.
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Why it matters
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- What's the story?
- Carvana shares are headed for a double-digit weekly loss as a federal investigation into billionaire Mark Walter shines a spotlight on his minority stake in the online used-car retailer. The stock dropped more than 7% Tuesday, one day after a similar-sized decline Monday.
- How widely is it covered?
- 1 outlet, average source rating 7.0/10.
- When was it last updated?
- 13m ago.
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Carvana shares are under pressure this week as Mark Walter probe fuels investor jitters
Sources1TypeCoverageCNBC Top News