Carl Icahn has sold his entire stake in Hertz Global Holdings the first business day after the embattled car-rental firm said late on 22 May that it would file for bankruptcy .

Entities controlled by Icahn sold 55.3 million Hertz shares on the open market on 26 May for $39.8m, an average per-share price of 72 cents. Icahn disclosed the transaction in a form he filed with the Securities and Exchange Commission. He had been the company’s top shareholder, as the shares sold represented a 39% stake in the company.