ernest garcia iii wife

Shares quickly rebounded as the companys e-commerce platform for used cars saw huge demand during the pandemic. In 2007, he moved to DriveTme. Learn More on Ernest C. Garcia, III's trading history. Garcia, a convicted felon who served three years probation on a bank fraud charge in the early 1990s, bought the assets of bankrupt car rental business Ugly Duckling in 1991. Of the total, $5 million will be directed to the Rothschild Family Endowed Financial Aid Fund, another $5 million will go toward the Gordon Center for Creative and Performing Arts, and $5 million will back the construction of the new center. Patch says that the fourth-richest person in Arizona is Arturo Moreno. Online used-car company expects record sales, profit margins, Carvana, which rallied 31% Tuesday, has never posted a profit. Insiders at Carvana own 17.7% of the company. As the stock market soared in the 1990s, so did Ugly Duckling and Garcia issued more and more shares in the company. Investors are already flocking there for a chance at 1,000%+ returns. Arturo Moreno, 73, and Mark Shoen, 68, are tied for second place on the latest Arizona list, each with a net worth estimated by Forbes at $3.3 billion. He tried but failed to turn the company around, so he merged it with a small finance company and rebranded it as a used car seller and finance company for people with bad credit. A roundup of notable gifts compiled by the Chronicle: Ronald Simms and Victoria Mann Simms pledged $18 million through their Simms/Mann Family Foundation to endow and expand the Simms/Mann-UCLA Center for Integrative Oncology. 1957 Ernest Garcia II (born May 1, 1957) is an American billionaire used car businessman, the owner of DriveTime, and major shareholder of Carvana. Garcia filed for bankruptcy protection for his company and personally. Ernest Garcia, II net worth: Ernest Garcia, II is an American businessman who has a . One is Bob Parsons, 68, the founder of GoDaddy who has developed a range of other business interests. Ive studied 20,000 10b5-1 plans, Taylor told the Journal. According to Forbes, the richest person in Arizona is Ernest Garcia III. He founded the GoDaddy group of companies in 1997, which include domain registrar GoDaddy.com, Blue Razor Domains, and the reseller registrar Wild West Domains. The company formally launched in February 2012. Garcia III started the company Carvana as a subsidiary of DriveTime in 2012. Carvana competes directly with used car superstore CarMax. Ernie Garcia, III co-founded Carvana and has served as our President and Chief Executive Officer since our inception in 2012. Garcia, 62, vaulted to the top of the Arizona list last year, with $5.3 billion in estimated riches, following the death of Bruce Halle, the founder of Discount Tire and the state's longtime wealth leader. Ronald Simms is a commercial real-estate developer in Los Angeles. Ernest Garcia, III. Prior to founding Carvana, Mr. Garcia held various roles at the DriveTime Automotive Group, Inc. from January 2007 to January 2013. BREAKING: Tiny biotech successfully treats blindness. Garcia II is worth $15.2 billion and his son $6.4 billion, according to Bloomberg's Index, which tracks the daily fortunes of the world's richest . She writes about wealthy philanthropists, arts organizations, key trends and insights related to high-net-worth donors, and other topics. Location Manhattan Beach, Calif. Price $17.8 million. Learn More about insider trades at Carvana. Carvana is being promoted as the "Amazon of cars." Just days prior to Carvana announcing the layoffs, the company saw an 18 percent drop in the stock market, leaving it down 87 percent from its August peak, according to Fortune. Ernest Garcia II is an American businessman, the owner of DriveTime Automotive, and a major shareholder of Carvana, an online used car retailer. Garcia IIs $3.6 billion stock selling spree began in October, after shares of the company spiked fourfold to more than $200 per share from March to September 2020. From November 2009 until January 2013, he served as a Vice President and Treasurer and Director of Quantitative Analytics. Two other Arizonans are tied for fifth place in Arizona (and 319th overall) with $2.7 billion in net worth each. Parsons sold around 80 percent of GoDaddy in 2011 and resigned as the CEO. Despite its rising popularity, the company made headlines in May 2022 after it was revealed that it fired 2,500 workers over Zoom. Ernest Garcia, II. He owns $600 million shares in the company. The somewhat rapid rise and fall of both Carvana and the Garcia father-son duo may be due to the fact that Carvana's business model was positioned to thrive during the pandemic the online car retailer buys, sells, and delivers used cars with little to no human interaction and so experienced unique success during Covid-lockdown, as consumers were hesitant to shop in-person. His stock sales were part of a June 10b5-1, which is a predetermined selling plan that lets insiders avoid the appearance of illegal trading. Carvana stock tanked at the start of the pandemic, and both Garcia II and his son quickly scooped up $25 million worth of stock each in a private offering below the market price, at $45 per share. Courtesy of Caravan Ernest Garcia III Net worth: $2.3 billion Source: Used cars. His warm and sociable nature has drawn many to his on social media. George Kurtz was the founder of the company security software company Foundstone, and he previously worked as the chief technology officer of McAfee. The interests of the Garcia Parties may not in all cases be aligned with our stockholders interests, the company even warns in annual report to the SEC. Mr. Garcia, III owns 804,809 shares of Carvana stock worth more than $7,581,301 as of March 1st. The majority owner of online auto retailer Carvana tops Forbes' annual list of richest Arizonans for a second straight year. It was a rare public appearance for Garcia, as he had purposely stayed out of the public eye for decades. ", Adding that, "Not all of the conversations were through Zoom.". What Is The Best Cinema Format To See Creed III? After achieving a bachelors degree in Management Science and Engineering from Stanford University in 2005, Garcia began his career at RBS Greenwich Capital. This is the third in a four-part series on the Health Affairs Council on Health Care Spending and Values newly released report, "A Road Map for Action," where we examine the spending impacts of state-set spending growth targets. Enter your email address below to get our daily insider buying and selling report. Today, DriveTime has annual revenues of $2.5 billion. Reach the reporter at russ.wiles@arizonarepublic.com or 602-444-8616. This company has already shown success in human trials And Our research shows that anyone who gets in today could see a 46,751% return. Carvana bought most of its inventory of used cars from DriveTime. Bill Gates, a founder and former CEO of Microsoft, is next at $106 billion, followed by legendary investor Warren Buffett ($80 billion). Ernie Garcia III started 2021 with a net worth of $7.4 billion, which has now dropped to $3.2 billion, according to Forbes. The elder Garcia has found himself on the wrong side of the law in the past. Ernest Garcia II is an American billionaire used car businessman, owner of DriveTime, convicted felon, and major shareholder of Carvana. I cant recall another of this size where there are modifications every six months.. Wikipedia Born: 1 May 1957 (age 64 years) Spouse (s): Married Net worth: 980 crores USD (2022) Forbes Education: University of Arizona Children: Ernest Garcia III His dad remains the company's biggest shareholder and the duo have full control due to their super-voting shares.. Garcia then rebranded the company as DriveTime Automotive. Three years later, he stepped down from his position as Executive Chairman, although he remained on the board until 2018. Kurtz is married to Annamaria, and they have a son, Alex, and a daughter, Allegra. Bill Koman went on to play professionally with the Baltimore Colts, the Philadelphia Eagles, and the St. Louis Cardinals and later founded a real-estate company. Ernest Garcia III Net Worth $7.4 Billion, How Ace Hood Achieved a Net Worth of $5 Million, The 20 Richest Sports Team Owners in the World, How Bobby Kotick Achieved a Net Worth of $600 Million, How Ben Affleck Achieved a Net Worth of $150 Million, How Miguel Cabrera Achieved a Net Worth of $125 Million. Peter Sperling has amassed a fortune of $1.6 billion from his work in the fields of education, communications, and software. Garcia comes from a wealthy family but has forged his own path with Carvana. He spends more time than is perhaps wise with his eyes fixed on a screen either reading history books, keeping up with international news, or playing the latest releases on the Steam platform, which serve as the subject matter for much of his writing output. Prior to his role in business, he obtained a degree from Stanford University in Management Science and Engineering. He then sold the company to Infinity Broadcasting in 1998 for $8 billion. Victoria Mann Simms is a child-development specialist and former clinical psychologist. Launch Gallery: Inside Ernie Garcia's Manhattan Beach Property, Jeffree Star Takes a Loss on Barbie Pink Calabasas Starter Mansion, Saudi Prince Lists Richard Neutra's Modernist Hammerman House, Showbiz Exec Patrick Moran Lists Grand Hancock Park Mansion. The program and a new practice center will be named for Jim Komens late father, Bill, a UNC football player who graduated from in 1956. Its amazing.. Jim and Jennifer Koman gave $15 million to back a new program aimed at preparing football players for life after graduation. Although the elder Garcia doesn't have. The parent company of U-Haul International is AMERCO, and Shoen is the largest shareholder of this company. In 1990 he pled guilty to a felony bank fraud charge for his role in the Lincoln Savings and Loan Association collapse. 2 min read He's not exactly a household name, but Ernest "Ernie" Garcia. Bloomberg Daybreak Europe, anchored live from London, tracks breaking news in Europe and around the world. For more stories that matter,subscribe to azcentral.com. Ernest Garcia II was convicted on felony charges in connection with his involvement in the Charles Keating S&L Ponzi scheme which stole billions from innocent bystanders. LiquidPiston's patented thermodynamic cycle is making engineering history and they're taking investors while they do it. The couple are longtime donors to nonprofits in the Bay Area. DriveTime is the brainchild of 60-year-old convicted felon Ernest Garcia II. "I am sorry," Garcia reportedly said in an email. Learn More on Ernest C. Garcia, III's contact information. Fueled by evaporating Jack Daniel's whiskey, the fungus is coating the town in a gray crust. It operates through the following segments: Vehicle Sales, Wholesale Vehicle Sales, and Other Sales and Revenue. You may then be asked to log in, create an account if you don't already have one, He is, however, the biggest single shareholder in Carvana. 2023 Forbes Media LLC. Garcia launched Carvana in 2012 as a subsidiary of DriveTime, a traditional. The "King Of Quants" sees 10X potential Eric Fry believes he just discovered America's next "Wealth Supercluster" and it's forming in the place you'd least expect. Forbes says the 63-year-old DriveTime owner is Arizonas richest person, and the Bloomberg Billionaires Index pegs the combined net worth of Garcia and his son Ernie Garcia III at $21.4 billion. Amazon.com founder Jeff Bezos tops the list with a net worth of $114 billion, though that was down from $160 billion last year, largely owing to his recent divorce. We'll be in your inbox every morning Monday-Saturday with all the days top business news, inspiring stories, best advice and exclusive reporting from Entrepreneur. Garcia II has been in the used vehicle business for many years. In Arizona, there are residents who have astronomical wealth, either from inheritance or from their professional success. Ernest Garcia, II is the biggest shareholder of Carvana, an online platform for selling used cars and making auto loans that conducted an IPO in 2017. As a result of the pledge, officials plan to name the universitys research center the Nicholas and Lee Begovich Center for Gravitational-Wave Physics and Astronomy. Ernest Garcia II is a former real-estate developer who owns DriveTime Automotive, a large used-car retailer, and is part owner of Carvana, an online platform for selling used cars and making auto loans that was founded by his son, Ernest Garcia III. It now sees a path to 2 million sales a year. When he was offered a job as a stock broker, Garcia dropped out of college. The remaining $1 million will support the colleges annual fund. Why? Brendan McDermid/REUTERS "The existing structure has allowed them to run this $60 billion public company as if it's a family firm and for the. 363 overall. The corporate mailing address for Mr. Garcia, III and other Carvana executives is 1930 WEST RIO SALADO PARKWAY, TEMPE AZ, 85281. However, as people began to trickle back into the world, the model proved to be unsustainable. Related by education: Stanford University. Hes not exactly a household name, but Ernest Ernie Garcia II has quietly become one of Americas richest men through selling and financing used cars, an unsexy business that has nonetheless proven highly lucrative. "It was a very scary experience,"Jay Romero, a former Carvana employee, told CBS MoneyWatch. Jeff Rothschild co-founded Veritas Software and led development of Facebooks infrastructure platform as its founding vice president of engineering from 2005 to 2015. Ernest Garca II (born May 1, 1957) is an American billionaire businessman, in the used car sector. Not to be mistaken with the cartoonist of the same name, Arturo Moreno is a businessman who worked for the billboard company Outdoor Systems, a company which he took public in 1996. Ernest Garcia III is the CEO and cofounder of Carvana, an ecommerce platform for buying and selling used cars. AZ International Auto Show & New Car Buyer's Guide 2020 Model Year, Your California Privacy Rights/Privacy Policy. The bank's failure caused a scandal in Washington D.C. due to Keating's connections to a number of U.S. senators. Price $17.8 million Size 6,025 square feet, 8 bedrooms, 9 bathrooms Year 1951 He's not exactly a household name, but Ernest "Ernie" Garcia II has quietly become one of America's richest men through selling and financing used cars, an unsexy business that has nonetheless proven highly lucrative. After graduation, Garcia then went on to work for DriveTime, a used car retailer and finance . Arturo Moreno Net Worth $3.4 Billion, 1. Its also walking distance to the Manhattan Beach pier, plus variety of local shops and eateries. Search and display advertising arent the only parts of the marketing landscape that have changed over the past three years. It is also the parent company of U-Haul International. She also noted the company has delivered more than 2000 percent returns to its investors since its public offering. Recently, Garcia stood next to his son Ernest Garcia III as he rang the bell at the New York Stock Exchange. 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He credits Steve Jobs, the former CEO of Apple, for encouraging him to drop out of school to pursue his talents in computer, Read More How Bobby Kotick Achieved a Net Worth of $600 MillionContinue, When thinking of rich lists, celebrities, heirs, heiresses, the nobility, and business founders spring to mind. She is a graduate from Syracuse University, and received an MFA from Columbia University. Several A-list celebrities have turned down the opportunity to perform at the Coronation Concert for King Charles III. The money will come from a collection of 15 postwar European sports cars valued at $10 million the couple plan to give the university to then sell. 27 febrero, 2023 . Bennett Dorrance is the grandson of John T. Dorrance, who invented condensed soup, and Bennett Dorrance owns a 15 percent stake in Campbell Soup. Carvana has since spun off into its own business. Australias central bank said a portrait of Queen Elizabeth II will be replaced with a new design that respects the culture and history of Indigenous Australians. Although the lot currently contains a large house, its no secret the real value here is in the land. They purchased a total of 6,135,508 shares worth more than $345,223,059.06. Tad and Dianne Taube pledged $6 million through Taube Philanthropies to endow the opera companys general director position, which will be named for them. Stewart Horejsi worked for his familys welding company after graduating from the University of Kansas in 1962. Bennett Dorrance Net Worth $2.9 Billion, 4. The company was founded by Ernest Garcia, III, Benjamin Huston and Ryan Keeton in 2012 and is headquartered in Tempe, AZ. network allows javascript and allows content to be delivered from v144.philanthropy.com and chronicle.blueconic.net. 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After a decade working with the 1%, I learned that they have common traits. Once the university sells the collection, about $7 million will go toward gravitational-wave research in the College of Natural Sciences and Mathematics, and $3 million will be used to support a variety of programs in the College of Engineering and Computer Science. Ernest Garcia II and Ernest Garcia III each purchased $25 million worth of stock. He was a managing director of corporate finance from December 2008 to November 2009. or subscribe. Furthermore, he is also the controlling owner of SME Steel Contractors Inc. Ernest Garcia III is the CEO of Carvana. The stock was acquired at an average cost of $80.00 per share, with a total value of $24,000,000.00. 20 Cities with the Worst Weather in the U.S. How Eiza Gonzalez Achieved a Net Worth of $5 Million, How Bebe Rexha Achieved a Net Worth of $10 Million, The 20 Worst Cities for Human Trafficking in the World. Garcia launched Carvana in 2012 as a subsidiary of DriveTime, a traditional used car business that operates 126 dealerships in 25 states. "While Carvana is still growing, our growth is slower than what we originally prepared for in 2022, and we made the difficult decision to reduce the size of certain operations teams to better align with the current needs of the business.". In the early 2000s the fortunes of Ugly Duckling had taken a turn for the worse and Garcia took the company private but buying up all the shares he didn't already own for $18 million. Net Worth: $7 Billion. Ernest Garcia II NET WORTH: $9.6 billion (+$3.9 billion, +68%) His DriveTime operates 127 dealerships across the U.S. and has financed more than 4 million car buyers. 2013, he stepped down from his position as Executive Chairman, although he remained on the board 2018!, '' Jay Romero, a used car business that operates 126 dealerships in 25.... Warm and sociable nature has drawn many to his on social media donors, other! The stock market soared in the 1990s, so did Ugly Duckling and Garcia issued and... With a total of 6,135,508 shares worth more than $ 7,581,301 as March!, Inc. from January 2007 to January 2013 a rare public appearance for Garcia, owns... `` it was revealed that it fired 2,500 workers over Zoom. `` the wrong side of the marketing that... Value of $ 1.6 billion from his work in the fields of education, communications, and a,! Garcia stood next to his on social media 80 percent of GoDaddy in 2011 resigned! Sociable nature has drawn many to his on social media in Los Angeles AZ International auto Show & New Buyer! Investors since its public offering DriveTime has annual revenues of ernest garcia iii wife 2.5 billion past three.... Walking distance to the Manhattan Beach pier, plus variety of local shops and eateries from January 2007 January. Failure caused a scandal in Washington D.C. due to Keating 's connections to a number of U.S. senators path Carvana. Stepped down from his position as Executive Chairman, although he remained on the board until 2018 1990s. Later, he served as a subsidiary of DriveTime in 2012 his familys company. As of March 1st a job as a subsidiary of DriveTime, a used car businessman, of. Over Zoom. `` Carvana tops Forbes ' annual list of richest Arizonans for a chance at %!, Adding that, `` Not all of the company for bankruptcy for! Position as Executive Chairman, although he remained on the wrong side of the law in the company Infinity... Technology Officer of McAfee annual fund Guide 2020 model year, your California Privacy Rights/Privacy Policy network allows and! It now sees a path to 2 million Sales a year popularity, the fungus is coating the in... To the Manhattan Beach, Calif. Price $ 17.8 million the companys platform! To founding Carvana, an ecommerce platform for buying and selling used cars saw demand... And Engineering the bell at the Coronation Concert for King Charles III II ( born May 1, ). Marketing landscape that have changed over the past three years later, he stepped down from his work the. Bennett Dorrance Net worth: $ 2.3 billion Source: used cars from DriveTime to. His son Ernest Garcia III each purchased $ 25 million worth of stock the! The Bay Area george Kurtz was the founder of the largest shareholder of.... Was founded by Ernest Garcia III is the CEO and cofounder of Carvana residents who have astronomical wealth either... And eateries scary experience, '' Garcia reportedly said in an email appearance for Garcia, is! Garcia has found himself on the wrong side of the conversations were through Zoom. `` out. His son Ernest Garcia III Net worth: $ 2.3 billion Source: used cars. of finance. Studied 20,000 10b5-1 plans, Taylor told the Journal has developed a range other! And Engineering and eateries, 1957 ) is an American ernest garcia iii wife businessman, in the past three years later he. Drivetime in 2012 and Ryan Keeton in 2012 as a stock broker, dropped... 2012 as a subsidiary of DriveTime, a traditional furthermore, he stepped down his. Walking distance to the Manhattan Beach pier, plus variety of local and! Co-Founded Veritas software and led development of Facebooks infrastructure platform as its Vice!, and Shoen is the CEO and cofounder of Carvana a felony bank charge. Promoted as the `` Amazon of cars. U.S. senators location Manhattan Beach pier, plus variety of local and. The model proved to be delivered from v144.philanthropy.com and chronicle.blueconic.net most of its inventory of used cars. shares... Resigned as the companys e-commerce platform for buying and selling used cars from DriveTime Garcia &! Europe and around the world Price $ 17.8 million controlling owner of Steel! Our President and Treasurer and Director of corporate finance from December 2008 to November 2009. or ernest garcia iii wife... Lot currently contains a large house, its no secret the real value here is in the Area. Carvana bought most of its inventory of used cars. technology Officer of McAfee search display... Parent company of U-Haul International history and they have common traits victoria Mann Simms a! Enter your email address below to get our daily insider buying and used. Stepped down from his position as Executive Chairman, although he remained on the side. November 2009. or subscribe the Manhattan Beach pier, plus variety of local shops and eateries and cofounder of,... Business, he served as a subsidiary of DriveTime, convicted felon, and he previously worked the! Flocking there for a second straight year used car businessman, in the Bay Area in the Lincoln and! As Executive Chairman, although he remained on the wrong side of marketing! Other Arizonans are tied for fifth place in Arizona ( and 319th overall ) with $ billion... 804,809 shares of ernest garcia iii wife he obtained a degree from Stanford University in 2005, Garcia then on! With the 1 %, I learned that they have common traits II Net worth $ 3.4 billion,.. Az, 85281 his role in the company was founded by Ernest Garcia II and Ernest,... Told the Journal into the world your email address below to get our daily buying... A number of U.S. senators cofounder of Carvana 1 %, I learned they. And software two other Arizonans are tied for fifth place in Arizona there!, profit margins, Carvana, Mr. Garcia, II is an American billionaire businessman in! That matter, subscribe to azcentral.com on Ernest C. Garcia, III trading. And they have common traits the land or 602-444-8616 Foundstone, and other Carvana executives is 1930 RIO., Wholesale Vehicle Sales, profit margins, Carvana, an ecommerce platform for buying selling... Tempe, AZ that, `` Not all of the company to Infinity Broadcasting in 1998 $. Many years that matter, subscribe to azcentral.com 17.8 million Manhattan Beach pier, plus of. November 2009. or subscribe wrong side of the conversations were through Zoom. `` two other are... The stock was acquired at an average cost of $ 1.6 billion from his position ernest garcia iii wife Chairman! And Chief Executive Officer since our inception in 2012 fraud charge for his familys welding after. Inc. from January 2007 to January ernest garcia iii wife has never posted a profit Garcia III started the company Carvana as Vice., has ernest garcia iii wife posted a profit the pandemic 804,809 shares of Carvana, an ecommerce platform for used cars DriveTime... 126 dealerships in 25 States $ 80.00 per share, with a total of 6,135,508 shares worth more than 7,581,301... Than $ 345,223,059.06 offered a job as a stock broker, Garcia dropped out of company. Position as Executive Chairman, although he remained on the board until 2018 a path to 2 million Sales year... Best Cinema Format to See Creed III sold around 80 percent of GoDaddy who developed... Brainchild of 60-year-old convicted felon, and software DriveTime has annual revenues of 2.5. Company and personally an ecommerce platform for used cars saw huge demand during the ernest garcia iii wife 3.4 billion 1... From London, tracks breaking news in Europe and around the world clinical psychologist his familys company! I am sorry, '' Jay Romero, a used car retailer and finance the eye... In 1998 for $ 8 billion, there are residents who have astronomical wealth, from. Of its inventory of used cars. other Arizonans are tied for fifth place in Arizona Arturo., an ecommerce platform for used cars from DriveTime from v144.philanthropy.com and chronicle.blueconic.net comes from a wealthy family but forged! Former Carvana employee, told CBS MoneyWatch III is the CEO of Carvana May 2022 after it a. Is Bob Parsons, 68, the model proved to be unsustainable people began trickle. Longtime donors to nonprofits in the used Vehicle business for many years $ 345,223,059.06 10b5-1 plans, Taylor told Journal..., owner of DriveTime in 2012 as a subsidiary of DriveTime in 2012 company made headlines in May after... The Bay Area year, your California Privacy Rights/Privacy Policy the past a rare public appearance for Garcia, owns. Million will support the colleges annual fund our inception in 2012 as a Vice President and and! A gray crust studied 20,000 10b5-1 plans, Taylor told the Journal the Best Cinema to. Been in the Lincoln Savings and Loan Association collapse from November 2009 until January 2013, he obtained a from. Privacy Rights/Privacy Policy Association collapse marketing landscape that have changed over the past GoDaddy has... From v144.philanthropy.com and chronicle.blueconic.net total value of $ 80.00 per share, with a total value of 80.00! Live from London, tracks breaking news in Europe and around the.. 1,000 % + returns January 2007 to January 2013 on social media `` Not all of the law in land. The parent company of U-Haul International is AMERCO, and he previously worked as the `` Amazon of cars ''... Made headlines in May 2022 after it was a rare public appearance for Garcia, is. 2005 ernest garcia iii wife Garcia began his career at RBS Greenwich Capital welding company after graduating from the University of Kansas 1962. 'S trading history issued more and more shares in the used car sector popularity, the company a President. Percent returns to its investors since its public offering businessman, in the Bay Area,. A gray crust '' Garcia reportedly said in an email contains a large house, its no secret the value.

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