Bill Ackman vs. Wall Street: Who's Right About the Stock That Doubled After the Billionaire Bought It?
Billionaire Bill Ackman is known for making big contrarian bets on Wall Street, including piling into Chipotle Mexican Grill when it was still reeling from the E. coli crisis, and shorting Herbalife on concerns about its business.Now, Ackman is shaking up Wall Street again, taking a 19.8% stake in Hertz Global Holdings (NASDAQ: HTZ). Shares of the struggling car rental company soared on the news, jumping 126% over a two-day span on April 16-17 after Ackman revealed the news. For Ackman, it was a classic contrarian purchase. Hertz had fallen 90% from when it reemerged from bankruptcy in 2021 before he bought it, and the stock is not getting much love on Wall Street either. Continue reading
Billionaire Bill Ackman is known for making big contrarian bets on Wall Street, including piling into Chipotle Mexican Grill when it was still reeling from the E. coli crisis, and shorting Herbalife on concerns about its business.
Now, Ackman is shaking up Wall Street again, taking a 19.8% stake in Hertz Global Holdings (NASDAQ: HTZ). Shares of the struggling car rental company soared on the news, jumping 126% over a two-day span on April 16-17 after Ackman revealed the news.
For Ackman, it was a classic contrarian purchase. Hertz had fallen 90% from when it reemerged from bankruptcy in 2021 before he bought it, and the stock is not getting much love on Wall Street either.
