Billionaire investor Carl Icahn has more than doubled his stake in Hertz Global Holdings Inc. after the rental company reported a loss in its third quarter profit, according to a report by Bloomberg.
Icahn purchased an additional 15.1 million Hertz shares, increasing his stake to 33.77% from about 15.6%, says the report. The investor was already Hertz’s biggest shareholder.
Hertz lost almost a quarter of its market value after third-quarter profits lagged analysts’ estimates, says the report. Hertz said its full-year earnings could be less than a fifth of what it projected in August.
Click here for the full Bloomberg report.