Hertz Shares Soar 30.82% as Pershing Square Boosts Stake

On April 17, 2025, Hertz Global Holdings Inc. shares surged by 30.82% in pre-market trading, marking a significant rise in the company's stock value.

Bill Ackman's Pershing Square Capital Management has significantly increased its stake in Hertz, leading to a sharp rise in the car rental company's stock. Pershing Square's stake has surged to 19.8%, making it the second-largest shareholder of Hertz. This move comes after Pershing Square received an exemption from the U.S. SEC, allowing them to delay the disclosure of their holdings until Wednesday, enabling a substantial increase in their stake.

Over the past decade, Hertz has faced significant operational challenges, including declaring bankruptcy during the 2020 pandemic. After completing its bankruptcy restructuring in 2021, Hertz invested heavily in electric vehicles, particularly Tesla models, but suffered billions in losses due to the plummeting residual value of used cars. Hertz reported a $2.9 billion loss for 2024, with $245 million attributed to the disposal of electric vehicle assets in the fourth quarter.