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

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

“Hertz has encountered major financial difficulties and I support the board in their conclusion to file for bankruptcy protection,” Icahn said in aregulatory filing 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 beganbuilding its position.

“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

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

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