Hertz Global Holdings Inc. shares plunged as much as 13% on Thursday after Pershing Square Capital Management said it had fully exited the car-rental company, with Chief Investment Officer Ryan Israel citing a loss of confidence in management after a June equity offering the fund viewed as unnecessary and "bungled." The transaction involved roughly 37 million shares priced at $2.70 apiece and tied to exchangeable notes. The selloff interrupted an 85% rally over the previous six sessions, a rebound driven by better-than-feared second-quarter losses, while leaving the stock down more than 50% for the year after an earlier collapse to a record low of $1.51 on Aug. 4. Pershing Square had held 15.2 million Hertz shares, or 4.3% of the company, as of March 31, and later said the investment had been among its worst performers through Aug. 11. Retail sentiment remained highly active despite the drop, with some traders still discussing meme-stock and short-squeeze dynamics ahead of Hertz's next earnings call in early November.