On Tuesday, Carl Icahn sold his entire stake of 55.34 million common shares in Hertz for $0.72 per share.

Icahn had three members on the Hertz board and held a nearly 39% stake in the company. The loss will cost Icahn an estimated $1.6 billion.

Icahn issued this statement yesterday: “I have been an investor and supporter of Hertz since 2014. Unfortunately because of Covid-19 which has caused an extremely rapid and substantial decrease in travel, Hertz has encountered major financial difficulties and I support the Board in their conclusion to file for bankruptcy protection. Yesterday I sold my equity position at a significant loss, but this does not mean that I don’t continue to have faith in the future of Hertz.

"I believe that based on a plan of reorganization that includes new capital, Hertz will again become a great company," continued Icahn. "I intend to closely follow the Company’s reorganization and I look forward to assessing different opportunities to support Hertz in the future.”