Icahn Doubles Down on Hertz as Missed Earnings Punish Stock
- Billionaire owns third of chain after Tuesday’s 23% plunge
- Hertz CEO Tague cuts profit forecast on depreciation costs
Carl Icahn.
Photographer: Scott Eells/BloombergThis article is for subscribers only.
After Hertz Global Holdings Inc. missed its earnings target by a long shot, investors dumped the rental-car company’s stock with one notable exception: Carl Icahn.
The 80-year-old billionaire, already Hertz’s biggest shareholder, more than doubled his stake in a show of support for the rental-car chain and by extension for the boss he helped bring to power two years ago. John Tague, a former executive of United Airlines, arrived as Hertz’s chief executive officer in late 2014, a few months after Icahn successfully fought to obtain three director seats.