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.

“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 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.

“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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