Bill Ackman, CEO of Pershing Square Capital Management, spoke at the Alpha Conference held in New York on September 28th, 2023.
Adam Jeffrey | CNBC
Bill Ackman’s Pershing Square took a significant stake in Hertz, a rental company that ended bankruptcy four years ago, causing a big rally.
HERTZ shares surged 56% on Wednesday after Pershing Square revealed that Pershing Square had established a 4.1% position as of the end of 2024. Pershing has significantly increased its position through stocks and swaps, becoming Hertz’s second shareholder.
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Herz
The person said Ackman’s investment company received an SEC waiver to delay submission of positions until Wednesday.
Hertz has been a problematic company for the majority of the past decade, including bankruptcy during the 2020 coronavirus pandemic.
Following its emergence from Chapter 11 bankruptcy in 2021, the company is betting heavy on all electric vehicles, especially Teslas.
When reporting revenue for the fourth quarter of 2024 in February, it was revealed that it had a loss of $2.9 billion per year, including a loss of $255 million on the fourth quarter EVS sale.
