Carvana (Decline)

Carvana's stock collapsed 98% from its 2021 peak as the used car vending machine company burned cash faster than it could build sustainable operations. The company bet that flashy automation (car vending machines) would differentiate commodity car sales, but discovered that used cars are a low-margin business regardless of delivery mechanism. Like an organism that evolves elaborate features that don't improve survival, Carvana's innovations were memorable but not profitable.