14% Plunge in a Day… 9 Trillion Won Vanished from ‘Turnaround Leader’

Carvana (Carvana Co: CVNA) closed at $410.04 on the New York Stock Exchange on the 27th, plunging 14.17%, erasing about $7.2 billion in market value—roughly 9.7 trillion won. Its total market capitalization now stands at about $58 billion (around 78 trillion won).

Amid earnings volatility and overvaluation concerns, Carvana shares have attracted heavy bets in the options market. Even in the downturn, investors profiting from derivatives have emerged: one who bought January 2026 put options saw a 39% gain in a single day (ainvest.com).

Carvana, an online used-car e-commerce company, crafted a “miraculous turnaround” narrative through massive cost cuts and debt restructuring after bankruptcy fears in 2022–2023. However, a short-seller report and legal investigations into related-party transactions and loan-asset sale structures have kept accounting and corporate-governance risks in the spotlight (globenewswire.com).