Summary by Moomoo AI
Ernest C. Garcia II, founder of Carvana, has resigned from his positions as co-trustee of the Ernest Irrevocable 2004 Trust III and the Ernest C. Garcia III Multi-Generational Trust III, effective December 12, 2024. This move significantly alters Garcia's control over Carvana's voting shares.As a result of these resignations, Garcia no longer holds shared voting and dispositive power over the Class A shares held by these trusts. Garcia now solely controls 45,442,317 Class A shares, representing 26.1% of the company's outstanding shares. This includes 37,442,317 shares held personally and 8,000,000 shares held through ECG II SPE, LLC, which Garcia wholly owns and controls.The changes were reported in an amendment to the Schedule 13D filed with the SEC on December 16, 2024. The move potentially signals a shift in Carvana's governance structure and could impact the company's decision-making processes going forward.
