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HomeAll newsMost read newsBusiness Leaders Biography
Birthday : 02/16/1936
Place of birth : New York (New York) - United States
Linked companies : Icahn Enterprises L.P.
Biography : Mr. Carl C. Icahn is a Chairman at CVR Refining GP LLC, a Chief Executive Officer at Icahn Capital L

Billionaire Icahn exits Hertz with "significant" loss after bankruptcy filing

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05/27/2020 | 07:35pm EDT
Carl Icahn gives an interview on FOX Business Network's Neil Cavuto show in New York

By Svea Herbst-Bayliss and Arunima Kumar

Billionaire investor Carl Icahn, who was the largest shareholder in Hertz Global Holdings Inc, unloaded his entire stake in the rental car company at a "significant loss" days after it filed for bankruptcy protection.

According to a regulatory filing https://bit.ly/3enMoJw made on Wednesday, Icahn, who held a nearly 39% stake in Hertz and had three representatives on the board, sold 55.34 million shares on Tuesday at 72 cents per share.

Hertz fell victim to coronavirus shutdowns that dramatically curtailed travel and created major financial hardships for the company, Icahn said in the filing, adding that he supported the board's decision to seek bankruptcy protection on Friday.

Even though he suffered heavy losses, which he did not quantify, Icahn said that he still believed in the company and thinks it can be a "great company" in the future. At the end of 2019, his stake in Hertz was worth close to $700 million.

"I intend to closely follow the Company's reorganization and I look forward to assessing different opportunities to support Hertz in the future," he said in the filing. He could not be reached for comment on Wednesday evening.

Rumors had circulated for weeks about how Icahn might react as Hertz' troubles mounted and the company replaced its chief executive officer, laid off 10,000 people and warned that there was considerable doubt about its ability to continue operations. The company operates Hertz, Dollar and Thrifty car-rentals.

Icahn declined to comment because his representatives -- Vincent Intrieri, Daniel Ninivaggi and SungHwan Cho -- sit on the board.

Icahn obtained his shares in 2016 when the company was separated from Herc Holdings, where he also had representatives on the board.

Icahn, whose net worth is said to be $14.3 billion (11.7 billion pounds), had been fond of saying that investors should buy a stock when his representatives get on the board and not sell until they leave, promising that good things inevitably happen when he becomes involved.

(Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila and Sonya Hepinstall)

Stocks mentioned in the article
ChangeLast1st jan.
EURO / US DOLLAR (EUR/USD) -0.17% 1.14099 Delayed Quote.1.77%
HERC HOLDINGS INC. -0.26% 34.29 Delayed Quote.-29.96%
HERTZ GLOBAL HOLDINGS, INC. -1.38% 1.4277 Delayed Quote.-90.79%
LETS HOLDINGS GROUP CO., LTD. -6.42% 10.2 End-of-day quote.68.87%
LOOK HOLDINGS INCORPORATED 0.28% 728 End-of-day quote.-41.85%
SEEK LIMITED 0.97% 21.77 End-of-day quote.-3.46%
THE GLOBAL LTD. 4.61% 227 End-of-day quote.-51.80%
THE NEW HOME COMPANY INC. 6.98% 3.6374 Delayed Quote.-27.04%
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