Hertz Global Holdings, Inc. (HTZ) stock surged 32.75% in pre-market trading on Thursday, continuing its upward momentum following Wednesday's 56.44% gain. The dramatic rise comes after news that Bill Ackman's Pershing Square Capital Management has amassed a significant stake in the beleaguered car rental company.
According to a securities filing on Wednesday, Pershing Square disclosed the purchase of 12.7 million Hertz shares, valued at approximately $46.5 million at the time of acquisition. CNBC later reported that Pershing Square's total position, including shares and swaps, amounts to about 19.8% of the company, making it Hertz's second-largest shareholder.
The investment by Ackman's firm, known for taking activist positions, has ignited investor interest in Hertz. The company has been struggling to recover from an ill-fated bet on electric vehicles and is working to revamp its fleet. With Pershing Square's involvement, market participants are speculating on potential strategic changes that could drive Hertz's turnaround and future growth.
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