Hertz Global Holdings Inc. shares tumbled as Pershing Square Inc.’s chief investment officer said the asset management firm has sold its stake in the car-rental company. The stock dropped as much as 13%, reversing earlier gains, after Ryan Israel said in a call posted on social media platform X that Pershing lost confidence in Hertz’s management after the firm announced a funding plan that “we did not think was necessary,” said Israel. “It’s unlike anything we had really seen a company do before.”

The news came on August 13, 2026, and marks a notable exit by a high-profile investor. Hertz had been under pressure amid questions about its capital strategy. Pershing Square, led by Bill Ackman, had been a significant shareholder. The sale signals a sharp reversal in sentiment from a firm known for activist bets.

Israel’s comments underscored frustration with management’s decision-making. The stock’s intraday drop was the largest in months. Investors will watch for further moves by other large holders.