Carvana shares are under pressure this week as Mark Walter probe fuels investor jitters

Los Angeles Dodgers chairman Mark Walter during a press conference announcing a new partnership between the Los Angeles Dodgers and UNIQLO at Dodger Stadium in Los Angeles on Wednesday, March 25, 2026. Keith Birmingham | MediaNews Group | Pasadena Star-News | Getty ImagesCarvana shares are headed for a double-digit weekly loss as a federal investigation into billionaire Mark Walter shines a spotlight on his minority stake in the online used-car retailer.The stock dropped more than 7% Tuesday, one day after a similar-sized decline Monday. Shares rebounded modestly Wednesday but remain down about 10% for the week.The pressure came after the Wall Street Journal reported that federal prosecutors and the Securities and Exchange Commission are investigating Walter and businesses tied to his financial empire over whether financial relationships were concealed while more than $20 billion was routed through insurance companies he controls.Stock Chart IconStock chart iconCarvana 5 daysWalter's connection to Carvana is significant. He indirectly controls CVAN Holdings LLC, which owned 8% of the company's Class B common stock as of March 10, according to Carvana's proxy statement.Insider selli...