---
title: "Carl Icahn Exits Hertz After Six-Year Bet Ends With Bankruptcy"
description: "Billionaire investor Carl Icahn has sold out of Hertz Global Holdings Inc., the rental-car company that filed for bankruptcy last week and counted him as its biggest shareholder."
type: "NewsArticle"
publisher: "Daily Maverick"
site: "https://www.dailymaverick.co.za"
section: "Business Maverick"
author: "Bloomberg"
author_url: "https://www.dailymaverick.co.za/author/bloomberg/"
canonical_url: "https://www.dailymaverick.co.za/article/2020-05-28-carl-icahn-exits-hertz-after-six-year-bet-ends-with-bankruptcy/"
published: "2020-05-28T01:20:17"
lang: "en-ZA"
word_count: 184
---

# Carl Icahn Exits Hertz After Six-Year Bet Ends With Bankruptcy

> Billionaire investor Carl Icahn has sold out of Hertz Global Holdings Inc., the rental-car company that filed for bankruptcy last week and counted him as its biggest shareholder.

By Bloomberg · Published 28 May 2020, 03:20 SAST

## Content

“Hertz has encountered major financial difficulties and I support the board in their conclusion to file for bankruptcy protection,” Icahn said in a [regulatory filing](https://www.sec.gov/Archives/edgar/data/1657853/000092846420000023/0000928464-20-000023-index.htm) Wednesday. “Yesterday I sold my equity position at a significant loss, but this does not mean that I don’t continue to have faith in the future of Hertz.”

A holding company controlled by Icahn, 84, held more than 55 million shares of Hertz as of the end of the first quarter, a roughly 39% stake, according to data compiled by Bloomberg. Icahn described himself as “an investor and supporter of Hertz since 2014,” when his holding company began [building its position](https://www.bloomberg.com/news/articles/2014-08-20/icahn-takes-85-stake-in-hertz-may-seek-talks-board-seat).

“I believe that based on a plan of reorganization that includes new capital, Hertz will again become a great company,” Icahn said. “I intend to closely follow the company’s reorganization and I look forward to assessing different opportunities to support Hertz in the future.”

[Read more: O.J., Accounting Fraud, Icahn: The Story of Hertz Going Bust](https://www.bloomberg.com/news/articles/2020-05-24/o-j-accounting-fraud-and-icahn-the-story-of-hertz-going-bust)

Icahn wasn’t immediately available for comment. Hertz shares fell as much as 13% to $1.14 after the close of regular trading.