Ackman Bets Big on Hertz—Signals Possible Uber Tie-Up

​Bill Ackman is back with a bold bet—and this time, he’s targeting rental cars.

The Pershing Square CEO revealed on Thursday that his hedge fund now holds a 19.8% stake in Hertz, sending shares of the rental car company surging more than 44% in one day and over 125% in just two sessions.

Why Hertz? Ackman laid out his thesis in a post on X (formerly Twitter), citing a favorable industry structure, where Hertz, Avis, and Enterprise control 95% of the U.S. rental market, creating an oligopoly with strong pricing power.

He also called out Hertz’s recent stumble—its costly overcommitment to electric vehicles—and praised the company’s new management for initiating a turnaround. Ackman believes the firm is now on a more “rational” path.

But the real curveball? He floated the idea of a deeper partnership with Uber, even tagging CEO Dara Khosrowshahi, who quickly responded, “Hertz has been a great partner of ours @Uber—excited to brainstorm!”

Ackman also pointed to macro tailwinds. With Trump’s tariffs expected to raise used car prices, Hertz’s fleet of 500,000+ vehicles valued at $12 billion becomes even more valuable. Just a 10% increase in used car values could deliver a $1.2 billion asset boost—about half of Hertz’s market cap.

He’s betting that this unique mix—tight market control, rising asset values, and improved leadership—can generate strong returns, especially given Hertz’s leveraged capital structure.

Pershing Square, known for concentrated plays in undervalued names, is coming off a 5.5% year-to-date drop but has averaged 12.7% annual returns since 2012.

Bottom line: Ackman’s move isn’t just a value play—it’s a strategy to turn a struggling rental giant into a more dynamic, digitally integrated force. And if Uber joins the ride, this bet could go into overdrive.







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