Billionaire investor Carl Icahn dumped all of his Hertz shares at an almost $2 billion loss after the car-rental giant's bankruptcy

• Carl Icahn dumped his 39% stake in Hertz at a loss of nearly $2 billion on Tuesday.
• The billionaire investor sold his 55.3 million shares for less than $40 million after the car-rental agency filed for bankruptcy last week, $4.
• "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," Icahn said in the filing.
• $4.

The billionaire investor Carl Icahn sold his 39% stake in $4 at an almost $2 billion loss on Tuesday after the car-rental giant $4.

"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 $4.

"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. "I believe that based on a plan of reorganization that includes new capital, Hertz will again become a great company."

Icahn added that he would "closely follow" Hertz's reorganization and planned to consider different ways to support the company in the future.

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The activist investor first bet on Hertz in 2014 with the goal of pushing for changes to improve the company and boost its value. He $4 valued at $985 million at the end of the third quarter that year.

Icahn eventually grew his holdings to 55.3 million shares $4, making him Hertz's largest shareholder. However, the company's tumbling stock price slashed the value of his shares to just $342 million at the end of March.

The billionaire sold the whole stake at an average price of $0.72 a share on Tuesday, netting less than $40 million, the SEC filing on Wednesday showed. A $4 pegged his total spending on Hertz shares at $1.88 billion, putting his ultimate loss at more than $1.8 billion.

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$4 Icahn's loss at nearly $1.6 billion, excluding his remaining 15% stake in Herc Holdings, an equipment-rental company spun off from Hertz in 2016.

The Icahn Enterprises chief's other holdings include HP, Herbalife, and Occidental Petroleum.

Here's a chart showing Hertz's stock-price crash this year:

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