1647 ET [Dow Jones]--Pershing Square Capital Management has acquired a 19.8% stake in Hertz since it began accumulating shares late last year, Bill Ackman says in an X post. He believes investors will be able to generate a return on investment from the car-rental company, citing in part an improving industry structure and a successful turnaround plan. "Hertz is uniquely well-positioned in the current tariff environment, where auto tariffs are likely to cause used car prices to rise," Ackman adds, noting that a 10% increase in used car prices would equate to a $1.2 billion gain on Hertz' auto assets. (connor.hart@wsj.com)
(END) Dow Jones Newswires
April 17, 2025 16:49 ET (20:49 GMT)
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