Bill Ackman Takes Nearly 20% Stake in Hertz, Shares Surge

Hertz Stock Surges on Bill Ackman's Stake

• 📈 Hertz shares experienced another significant jump in pre-market trading, following a more than 50% gain the previous day.
• 🎯 A source revealed that Bill Ackman's firm, Pershing Square, has accumulated a stake in the car rental company approaching 20% through shares and swaps.
• 🤫 This substantial stake is reportedly higher than previously disclosed, with Ackman's firm receiving confidential treatment from the SEC.
• 📜 This confidential treatment allows for the delay of a key filing, enabling the quiet accumulation of a large position, a strategy previously employed by investors like Warren Buffett.
• 📊 The stock's value has climbed, reaching new highs after yesterday's surge, with current pre-market trading showing an additional 26% increase.

Market Context and Future Discussion

• ⚠️ The report on Hertz comes as other market news is discussed, including United Healthcare's impact on the Dow.
• 🎤 The segment concludes with a preview of further discussions on the "Future Squawk Box."