Carvana's Stock Soars, Leaving Short Sellers with $1 Billion Loss

Carvana's stock surged more than 50% on Thursday, leaving short sellers with over $1 billion in losses as the troubled car retailer continues its turnaround. The stock was again seeing wild swings on Friday, rising as much as 12% before dropping more than 17% during the afternoon session. Carvana shares are heavily shorted with short interest at 55.66% of the float, according to data compiled by S3 Partners. With Thursday's move, short sellers were down as much as $440 million in mark-to-market losses.