Icahn was the largest shareholder in Hertz, which filed for bankruptcy late May 22. The activist investor took a stake in Hertz in 2014 and held it through early March of this year—even as the Covid-19 outbreak was starting to cut into travel. Icahn bought an additional 11.4 million shares for $84.8 million dollars between March 10 and March 12.
That final investment increased the size of Icahn’s stake by 26 percent, giving him 39 percent of Hertz’s shares. And it brought the total investment in the company over the last six years to $2.3 billion.
