Canoo Inc (NASDAQ:GOEV) stock closed Friday up 4.6% after CEO Tony Aquilla bought over 9 million additional shares of the EV maker. Filings with the SEC showed that on November 9, 2022, Canoo entered into the Subscription Agreement providing for the purchase of an aggregate of 9,009,009 shares of Common Stock at a price of $1.11 per share for an aggregate purchase price of $10.0 million.
Carvana's (NYSE: CVNA) stock price plummeted 97% this year as investors fretted over the online used car dealer's slowing growth, widening losses, and exposure to macroeconomic headwinds. What does Carvana do? Carvana was founded 10 years ago, and it aimed to disrupt traditional user car dealerships with two main strategies.
During a volatile week, shares of Carvana (NYSE: CVNA) were moving higher Wednesday morning, recovering from the sell-off that occurred Monday after management announced another round of layoffs and the stock got downgraded by analysts. A Securities and Exchange Commission filing Tuesday night showing that Carvana Chief Product Officer Daniel Gill bought 133,000 shares of the stock for roughly $1 million on Monday seems to be giving the used car e-commerce stock a boost. It's no secret that Carvana is in the midst of a liquidity crisis that could force it into bankruptcy.