Billionaire investor Carl Icahn sold Hertz Global Holdings Inc., a car rental company that went bankrupt last week, with a roughly six-year pledge that cost him nearly $ 1.6 billion.
The 84-year-old Icahn sold his entire 55.3 million shares on Tuesday for 72 cents a share, according to a regulatory file. Its exposure represented about 39% of the company’s shares.
“Hertz is facing major financial difficulties and I support the board in its conclusion to apply for protection against bankruptcy,” he said in a letter Wednesday. “Yesterday I sold my equity position at a significant loss, but that doesn’t mean I don’t believe in the company’s future.”
Icahn’s exit marks the end of a tumultuous and disappointing investment. He first took a position at the company in 2014, campaigning for the ouster of then-CEO Mark Frissora, and Hertz has replaced four CEOs since then. When the coronavirus then hit the tourism industry, the company was caught up in too much debt accumulated over the years due to management turmoil.
“I believe that based on a reorganization plan that includes new capital, Hertz will once again become a great company,” Icahn said. “I intend to follow closely the reorganization of the company and look forward to evaluating various opportunities to support Hertz in the future.”
Shares of Hertz fell 21% to $ 1.04. Finally, the company’s market capitalization was about $ 186.1 million.
Trader Aleksandar KumanovVarchev Absolute Trader
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