Renowned hedge fund mogul Ackman heavily bets on rental car giant Hertz Global Holdings Inc (HTZ.US), which surged more than 56% in a single day.

Renowned investor Bill Ackman's Pershing Square Capital Management company has made a significant investment in Hertz Global Holdings Inc, a car rental company that completed bankruptcy restructuring four years ago, causing its stock price to soar. On Wednesday, Hertz Global Holdings Inc's stock price surged over 56%, and continued to rise by over 35% in after-hours trading. A regulatory filing showed that as of the end of 2024, Pershing Square held a 4.1% stake in Hertz Global Holdings Inc. According to sources, through stock and derivative trading, the institution's ownership has increased significantly to 19.8%, making it the second largest shareholder of Hertz Global Holdings Inc. Sources indicated that Ackman's investment firm obtained exemptive relief from the U.S. Securities and Exchange Commission, allowing it to delay disclosure of its holdings until Wednesday and enabling it to increase its stake significantly. Over the past decade, Hertz Global Holdings Inc has been mired in long-term operational difficulties, including declaring bankruptcy during the COVID-19 pandemic in 2020. After completing bankruptcy restructuring in 2021, the company made a large bet on all-electric vehicles, particularly Tesla, Inc. models, but suffered billions of dollars in losses due to a sharp decline in the residual value of used cars. The financial report released in February of this year showed that Hertz Global Holdings Inc incurred a loss of $2.9 billion for the full year of 2024, with a $245 million loss in the fourth quarter due to the disposal of electric vehicle assets.