CVNA stock fell 7% Tuesday as investors worry Mark Walter may sell his 30 million shares (a 4% stake worth $2 billion). Walter, CEO of Guggenheim Partners and head of TWG Global, faces a federal probe into whether he hid financial ties while borrowing billions from insurers he controls.

TWG Global announced a deal to swap up to $6.5 billion of affiliated investments held by its Delaware Life Insurance unit for independent assets. The restructuring intensifies concerns TWG may need cash, raising the chance Walter sells his Carvana stake, though no sale is confirmed.

The drop comes weeks after Carvana reported record Q2 results: 197,000 vehicles sold (up 38%), revenue of $7.4 billion (up 52%), net income of $513 million, and adjusted EBITDA of $769 million. Guidance calls for higher Q3 sales and full-year adjusted EBITDA of $2.7B-$3.0B.

Earlier this year, short seller Gotham City Research alleged Carvana's earnings relied on undisclosed related-party deals tied to CEO Ernest Garcia III's family. Retail sentiment on Stocktwits remains bearish, with CVNA down ~23% year-to-date.