Overview

• Hertz shares surged 56% on Wednesday following the disclosure of Pershing Square's expanded 19.8% stake in the company.
• Pershing Square, led by Bill Ackman, accumulated its position through shares and swaps, becoming Hertz's second-largest shareholder.
• The investment was revealed after the SEC granted an exemption allowing Pershing Square to delay filing its position.
• Hertz has faced financial challenges, including a $2.9 billion loss in 2024, partly due to declining residual values of its electric vehicle fleet.
• Investors are optimistic about potential operational improvements and strategic reforms under Pershing Square's influence.