Carl Icahn Exits Bankrupt Hertz at Loss of Almost $1.6 Billion

Billionaire investor Carl Icahn sold out of Hertz Global Holdings Inc., the rental-car company that filed for bankruptcy last week, calling off a roughly six-year bet that lost him almost $1.6 billion.

Icahn, 84, sold his entire 55.3 million shares on Tuesday for 72 cents a share, according to a regulatory filing. His holding represented about 39% of the company’s stock.

“Hertz has encountered major financial difficulties and I support the board in their conclusion to file for bankruptcy protection,” Icahn said in the filing Wednesday. “Yesterday I sold my equity position at a significant loss, but this ...