Overview

• Bill Ackman’s Pershing Square Capital Management disclosed a 19.8% stake in Hertz, making it the company’s second-largest shareholder.
• The SEC granted Pershing Square an exemption to delay filing, allowing it to accumulate additional shares before the disclosure.
• Hertz shares more than doubled in value following the announcement of Ackman’s investment and strategic vision.
• CEO Gil West emphasized the company’s focus on its Back-to-Basics strategy, including disciplined fleet management and financial metrics.
• Ackman proposed exploring a potential partnership with Uber for an autonomous vehicle fleet as part of his investment thesis.