Hertz Wins Over Ackman in a Bet Tariffs Will Boost Value of Cars

Bill Ackman’s Pershing Square Capital Management has amassed a nearly 20% stake in Hertz Global Holdings Inc. in a bet on the rental car company’s turnaround plan and that tariffs will boost the value of its vehicles.

The firm began buying shares late last year and now has “a 19.8% stake in the company comprised of outright share ownership and total return swaps,” Ackman said in a post on X.

Ackman is wagering that Hertz can get past a bad bet on Tesla Inc. electric vehicles and capitalize on a potential rise in used-car prices stemming from President Donald ...