The One Positive to Hertz’s Downfall? Carl Icahn Losing

We constantly hear bad news every day. Businesses closings, jobs lost and overall little hope. When you hear about Hertz going bankrupt you immediately think of those horrible tales. You hope that people will find their way and the business will be able to make some comeback. However, when you remember that real life supervillain Carl Icahn had a large investment in the struggling company, you realize that there may be someone looking down in times of darkness.

At the time of Hertz filing for Chapter 11 bankruptcy protection, Icahn held a massive 40% of the company’s outstanding shares. Icahn’s history with the car rental company dates back to 2014, when he bought it at $90 per share. Since his initial investment, he’s contributed over $1.5 billion to Hertz! Now that the company’s stock price is less than a dollar, it means that his investment is down 99.4%. His shares are now valued at $31.6 million. And you thought those who bought Bitcoin at its high were losers!

Do you need a reminder to why Icahn’s massive loss is good news for society? This is the same monster who is betting against the malls because the tenants can’t pay their rent. The same villain who lays off employees to pay off his debt. The same investor who shorts companies because he can, ruining people’s lives.

Bankruptcy is rarely good news. It shouldn’t ever be positive for anyone, but this time it’s slightly different. With Carl Icahn taking the “L”, many who have suffered from his past deals can celebrate and sleep in peace for the time being.