Bloomberg Businessweek - ● The fortune of Garcia III has tumbled by $6

● The fortune of Garcia III has tumbled by $6.7 billion this year to $119 million, according to the Bloomberg Billionaires Index. It tumbled $87 million, or 42%, on Wednesday alone as shares of the online car seller plummeted after its largest creditors signed a deal to act together in potential debt-restructuring negotiations.● Carvana has burned through cash and is consulting with lawyers and investment bankers about options for managing its debt load, Bloomberg News reported Wednesday.● The elder Garcia has also seen his net worth crumble, but he’s hung onto his multibillion dollar fortune because it’s less reliant on the company’s stock.● Tap the link in our bio for more. (📸: Michael Nagle/Bloomberg)
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