Shares of Hertz skyrocketed Wednesday after CNBC’s Scott Wapner revealed new information about Bill Ackman’s investment. He reported that Pershing Square Capital Management now holds a nearly 20% stake in the company. A filing earlier in the day disclosed that Pershing held a minority stake in Hertz as of the end of December. The fund is reportedly optimistic about a turnaround under new management and views the investment as a play on tariffs, given that used cars are excluded. Hertz missed fourth-quarter estimates in February and is working to stabilize operations
Category
🗞
NewsTranscript
00:00It's Benzinga bringing Wall Street to Main Street.
00:02Cures of Hertz skyrocketed Wednesday after CNBC's Scott Wapner revealed new information
00:07about Bill Ackman's investment. He reported that Pershing Square Capital Management
00:11now owns a nearly 20% stake in the company. A filing earlier in the day disclosed that
00:16Pershing held a minority stake in Hertz as of the end of December. The fund is reportedly
00:21optimistic about a turnaround under new management and views the investment as a play on tariffs
00:27given that used cars are excluded. Hertz missed fourth quarter estimates in February
00:32and is working to stabilize operations. For all things money, visit Benzinga.com slash GSTV.