Bill Ackman Teases Prospect of Uber, Hertz Partnership

Billionaire hedge-fund manager Bill Ackman disclosed a nearly 20% stake in rental-car company Hertz on Thursday as he laid out his bullish reasoning behind the bet. In a social-media post on X, Ackman said the current tariff environment helps Hertz, which he described as part of an oligopoly where Enterprise, Avis and Hertz control nearly 95% of the U.S. market. Driving his rationale: “Improving industry structure and more rational competitive behavior,” and fixing a recent misstep when Hertz acquired a large fleet of electric vehicles, Ackman wrote.