Carvana’s stock plummets 10% as a federal probe into billionaire Mark Walter—Carvana’s major shareholder—casts doubt on his future involvement. Prosecutors and the SEC are investigating billions routed through insurance firms Walter controls, potentially forcing him to sell his Carvana stake to raise cash, especially as he’s already offloading the Lakers for $12.5B. The connection between Walter and Carvana had been overlooked until now, leaving investors scrambling to guess who’d buy his shares if forced to sell. Compounding the drop: Carvana director Ira J. Platt cashed out 30K shares, netting $2.1M, adding fuel to market concerns. The company remains silent as this unfolding scandal threatens its valuation and investor confidence.
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