After crashing through bankruptcy and stalling on a failed EV experiment, HertzHTZ

just got a jump-start from billionaire investor Bill Ackman. His fund, Pershing Square, disclosed a significant stake in the battered rental firm — sendingHTZ

soaring 84% Wednesday to Thursday amid renewed interest in the meme-stock-era icon.

• While WSJ initially reported a 4.1% stake, CNBC later revised the position to 19.8% when factoring in shares and derivative swaps — making Pershing the second-largest shareholder.
• Despite Ackman’s mixed results with UberUBER
  , HerbalifeHLF
  , and government enterprises, investors embrace an activist campaign — aiming to offset 2024’s $2.9B loss.

Betting on turnarounds: Hertz’s journey since bankruptcy has been anything but smooth. After emerging from Chapter 11 in 2021, the company’s ambitious 100K TeslaTSLA

order quickly crashed when it sold off 30K EVs at steep losses. Now, under CEO Gil West’s “critical transformation,” the rental giant is shifting to conventional vehicles, with 60% of its fleet younger than one year. With break-even projected by Q2 2025 and a “sizable” profit expected in Q3, Ackman’s timing may prove either genius — or another roadside breakdown. We’re sure Ackman will have spicy X posts, regardless of what happens.