(Bloomberg) -- Ernie Garcia II, the father of Carvana Co. Chief Executive Officer Ernest Garcia III, has cashed in $1.4 billion of the company’s stock since April — a stake that’s now worth $2.5 billion after a blistering rally in the online auto retailer’s shares.

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The elder Garcia has unloaded almost 10 million shares of Carvana since April 11, selling all of his Class A stock and converting some of his Class B voting shares and liquidating them.

He still has 69.2 million remaining Class B shares held individually or in trust, making up the bulk of his $17.6 billion fortune. That valuation ranks him ahead of the likes of Softbank Group Corp. founder Masayoshi Son, Saudi Prince Alwaleed bin Talal and hedge fund manager Ray Dalio, according to the Bloomberg Billionaires Index.

Trades by the 67-year-old early Carvana investor are closely watched. The last time Garcia II sold off so much stock was in mid-2021, around the time Carvana touched an all-time high price of $376.83. Although it’s still below that level now, at about $240 a share, it’s a remarkable comeback after the shares traded for less than $4 by the end of 2022.

The rally, driven by a restructuring that boosted sales and slashed costs, was enough for his CEO son to earn praise from some longtime skeptics.

“I am going to break my rule and say congrats,” Morgan Stanley analyst Adam Jonas, who recently upgraded Carvana to the equivalent of a hold from sell, said during the company’s Oct. 30 earnings call. “It’s outstanding execution.”

Carvana Fortune

Thanks to Carvana, Garcia II has become very wealthy. His is $17.6 billion net worth has swelled by $10.3 billion so far this year largely due to his Carvana stake.

Offloading Carvana shares represents a way to diversify the Arizona billionaire’s holdings and cash in on the used car seller’s rally after he made substantial investments in the company in recent years. He sold his 9.9 million shares for about $140 on average this year. He purchased 8.6 million of them in 2022 and 2023 for about $53 apiece on average, according to securities filings.

Garcia II has also been steadily converting his more valuable Class B stock at a one-to-one ratio into Class A and selling them on the open market at a rate of 75,000 to 100,000 shares per day, according to filings. His sales were limited by a Carvana 10b5-1 trading plan he adopted earlier this year.