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Carl Icahn Exits Bankrupt Hertz at Loss of Almost $1.6 Billion

Billionaire had been the car-rental company’s top shareholder
Investor will assess opportunities to support Hertz in future

Watch: Billionaire investor Carl Icahn sold out of Hertz Global Holdings Inc., calling off a roughly six-year bet that lost him almost $1.6 billion. (Source: Bloomberg)

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By David Welch and Claire Boston

May 27, 2020 at 9:13 PM UTC

Updated on

May 27, 2020 at 10:47 PM UTC

This article is for subscribers only.

Billionaire investor Carl Icahn sold out of Hertz Global Holdings Inc., the rental-car company that filed for bankruptcy last week, calling off a roughly six-year bet that lost him almost $1.6 billion.

Icahn, 84, sold his entire 55.3 million shares on Tuesday for 72 cents a share, according to a regulatory filing. His holding represented about 39% of the company’s stock.