Overview

• Bill Ackman's Pershing Square Capital Management disclosed a 19.8% stake in Hertz, making it the company's second-largest shareholder.
• Hertz shares more than doubled during the week, closing at $8.24, following the announcement of Ackman's increased investment.
• CEO Gil West described Ackman's endorsement as a testament to the company's progress and reiterated commitment to a back-to-basics strategy.
• Ackman received an SEC exemption to delay filing his position, enabling him to accumulate additional shares before disclosure.
• Hertz continues its turnaround efforts under West's leadership after a $2.9 billion loss in 2024, including heavy losses from electric vehicle investments.