Pershing Square Exits $70M Hertz Position in July, HTZ Stock Falls 11%

According to Pershing Square's interim report released on August 13, the firm exited its position in Hertz Global Holdings (HTZ) in July 2026. HTZ stock fell 11% on Thursday following the disclosure.

Pershing Square held 15.2 million shares of Hertz valued at around $70 million as of the end of March. In a conference call on Thursday, Bill Ackman said the firm closed the position after Hertz's June equity offering of roughly 37 million shares at $2.70, which he called "bungled" and unnecessary. Ackman said the move destroyed management confidence despite the company posting strong first- and second-quarter results with solid liquidity.