Shares of Hertz (HTZ) surged 56% on Wednesday after a regulatory filing revealed Bill Ackman’s Pershing Square had built a 4.1% position in the company as of the end of 2024. However, Pershing has significantly increased the position to 19.8% through shares and swaps, becoming Hertz’s second-largest shareholder, a person familiar with the matter told CNBC’s Scott Wapner. The source said Ackman’s investment firm received an exemption from the U.S. Securities and Exchange Commission to delay the filing of the position until Wednesday, CNBC added. In pre-market trading, shares of Hertz are up an additional $1.28, or 22%, to $6.99.
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