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Carvana Stocks Plummet, Layoffs Follow

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Nov. 28, 2022—Online automotive retailer Carvana is laying off 1,500 people following the drop of its stock value by 97 percent this year, CNBC reports.

The layoffs impact the company's corporate and tech departments, according to the report. The company flourished during the pandemic, when potential buyers were stuck inside. Amid uncertain economic outlooks and changing consumer demand, the company has hit hard times.

“Today is a difficult day. The world around us has continued to get tougher and to do what is best for the business, we have to make some painful choices to adapt,” CEO Ernie Garcie wrote in a message to employees.

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