Carvana Co.’s shares hit an all-time high this week, surging over 10,000% from a late 2022 low, causing losses for short investors totaling $7.42 billion. The jump followed the company’s strong second-quarter results, signaling a potential turnaround. The online used-car dealer’s unique business model and market conditions have contributed to its success, outperforming traditional competitors like CarMax and AutoNation. Analysts believe there is more upside potential for Carvana as investors have yet to see its full earnings power. Despite a slight decline on Friday, Carvana’s shares closed the week more than 10% higher.

Read more at Yahoo Finance: Carvana’s 10,000% Rally From Low Deals $7 Billion Blow to Shorts