Billionaire investor Carl Icahn dumped all of his Hertz shares at an almost $2 billion loss after the car rental giant's bankruptcy
"Unfortunately because of Covid-19 which has caused an extremely rapid and substantial decrease in travel, Hertz has encountered major financial difficulties and I support the Board in their conclusion to file for bankruptcy protection," Icahn said in a"Yesterday I sold my equity position at a significant loss, but this does not mean that I don't continue to have faith in the future of Hertz," he continued.
Icahn added that he will "closely follow" Hertz's reorganization and plans to consider different ways to support the company in the future.
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