Skip to main content

Everyone loves an underdog. When Hertz was on life support, having been battered and bruised by years of bad decisions and then the coronavirus pandemic, people—day traders, mostly, but they are still people, just—couldn’t get enough of its stock, which even the company itself admitted was all-but-worthless. So many people were lining up to buy $500 million in shares in a company at that point worth exactly half that that the Securities and Exchange Commission had to step in and stop it.

But it turns out all the doom and gloom was misdirected. Hertz, bankruptcy aside, wasn’t an underdog. It was going to be fine. Boring, even. Able to buy 100,000 Teslas! And now all that’s become clear—and Hertz is back on a big-boy stock exchange—the only thing interested in buying Hertz shares is Hertz itself.

The company said that the new buyback program’s first phase will include $200 million of repurchases that were already authorized as part of the relisting.

The rest of the $2 billion program would follow completion of a deal for Hertz to buy back all of its Series A preferred shares. Those shares, mostly owned by Apollo Global Management Inc., a private-equity firm, were issued as part of efforts to rescue Hertz from bankruptcy as the coronavirus pandemic pummeled its business…. Hertz listed on the Nasdaq earlier this month, debuting at $29 a share, but its stock has mostly edged lower since.

Hertz Targets $2 Billion in Buybacks Amid Pandemic Recovery [WSJ]



Hertz Selling More New Shares Than It Is Renting Cars

And the lucky buyers thereof are only down about 15% on them—so far.


Hertz Celebrates Re-IPO Day In Court

Perhaps having paying customers arrested is not a good basis for a $29 per share valuation?


Turns Out Hertz’s Future Not As Bright As Day Traders Hoped

Their first stock market toy is being taken away, and they aren’t getting anything for it.

amc theater

AMC’s Hertz Sequel Far More Successful Than The Original, Spawns Sequel Of Its Own

Dilute existing shareholders, have huge block of shares sold, get called overvalued, see stock double, repeat.


What, No One Wants To Trade A Hertz Pink Sheet?

That NYSE listing is apparently worth several dollars a share to a stock that’s only worth several dollars a share.


Hertz Would Like To Sell You Half A Billion Worth Of Worthless Stock

Behold, the most amazing regulatory filing in the history of stupid capitalism.


Leon Black Creates Unstoppable Photo-Sharing Site For 2009 In 2019

Your mom now have one fewer place to go to print her vacation books.