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

Short sellers of Carvana, the e-commerce company for buying and selling used vehicles, have lost over $1 billion this year as the company's stock surged over 400% due to successful cost-cutting measures. The setback to short sellers arises from Carvana's staggering stock-market performance, with shares jumping 56% on Thursday alone after the company revised upward its second-quarter results to exceed Wall Street forecasts. Carvana CEO Ernie Garcia said the company's persistent focus on driving profitability has resulted in significant savings and efficiencies, and this work will persist as they continue to execute their plan.