Cazoo’s chief executive Alex Chesterman bought $1m worth of company shares last week after the online automotive retailer’s price slumped.
Following the purchase, Chesterman’s stake in the company has gone up to over 23 per cent to more than $250m, Sky News first reported.
“Whilst the current macroeconomic climate has driven heightened fear in the markets recently, I remain very confident in our strategy and incredibly excited by the long term opportunity that Cazoo is going after,” Chestermand told the outlet.
“Increasing my holding simply reflects my continued belief in the vision and future of the business.”
Despite last week’s 85 per cent collapse in share price, Cazoo recently made the headlines when it posted its quarterly results.
In the first three months of 2022, the company reported that revenues had soared 159 per cent to £259m, while the number of vehicles surged 102 per cent on 2021 levels.
“As we advance through 2022 we aim to continue to ramp up our reconditioning capacity which we expect to lead to further growth and allow us to continue our progress towards our long-term market share ambitions,” the chief executive explained on 3 May, adding macroeconomic headwinds would have a “little bearing” on Cazoo’s overall performance.