Shares of Hertz skyrocketed Wednesday after CNBC’s Scott Wapner revealed new information about Bill Ackman’s investment. He reported that Pershing Square Capital Management now holds a nearly 20 stake in the company. A filing earlier in the day disclosed that Pershing held a minority stake in Hertz as of the end of December. The fund is reportedly optimistic about a turnaround under new management and views the investment as a play on tariffs, given that used cars are excluded.