Hertz, the world largest car-rental-company, filed for bankruptcy in May because of the COVID-19 pandemic. After that, things got weird. Hertz’s basically worthless stock starts to go up. A lot. We’re talking about 500% over three days for a worthless stock.
It’s what happens next that makes this rather newsworthy: Hertz (you remember the bankrupt company from the last paragraph?) want in on whatever this is. So they get approval from their bankruptcy judge to issue a billion dollars worth of new stock. You can’t make this stuff up. 😂 The best thing we’ve read about this case is Never Hertz to ask
, which argues that this is the third kind of financial bubbles.