Carvana shares on pace for 10% weekly loss as Mark Walter probe fuels investor jitters

Carvana shares were on track for a double-digit weekly decline after a Wall Street Journal report that federal prosecutors and the SEC are investigating Mark Walter, a billionaire and Guggenheim Partners CEO, and entities tied to his financial network. The stock fell more than 7% Tuesday, after a similar-sized drop Monday, before a modest rebound Wednesday left it down over 10% for the week. Walter indirectly controls CVAN Holdings LLC, which owned 8% of Carvana’s Class B common stock as of March 10. A Carvana director also sold 30,000 shares around $74, generating about $2.1 million.