Billionaire investor Icahn exits Hertz after company files for bankruptcy

Billionaire investor Carl Icahn, who was the largest shareholder in Hertz Global Holdings Inc, unloaded his entire stake in the rental car company at a "significant loss" days after it filed for bankruptcy protection.

According to a regulatory filing made on Wednesday, Icahn, who held a nearly 39 per cent stake in Hertz and had three representatives on the board, sold 55.34 million shares on Tuesday at 72 cents per share, the Reuters reported.

Hertz fell victim to coronavirus shutdowns that dramatically curtailed travel and created major financial hardships for the company, Icahn said in the filing, adding that he