After Pershing Square disclosed a large stake, shares of Hertz Global Holdings Inc (HTZ.US) soared in pre-market trading.

According to a document submitted on Wednesday, Bill Ackman's investment firm Pershing Square Capital Management bought 12.7 million shares of Hertz Global Holdings Inc (HTZ.US) stock, valued at approximately $46.5 million at the time of purchase, making it one of the largest shareholders of Hertz Global Holdings Inc. After the institution disclosed its significant stake in the troubled car rental company, Hertz Global Holdings Inc's stock price surged significantly. Following this disclosure, Hertz Global Holdings Inc soared 27.39% in pre-market trading on Wednesday, and as of writing, the stock had risen 19.18%. Over the past 12 months, the company's stock price has accumulated a 47% decline. Earlier, Hertz Global Holdings Inc had faced difficulties due to a hasty bet on Tesla, Inc. electric vehicles, which were unpopular with customers and had high maintenance costs. Since then, Hertz Global Holdings Inc has been working on updating its fleet and restructuring for the company's development. Hertz Global Holdings Inc emerged from bankruptcy in 2021.