Hedge fund to pay Avis $650mn in settlement after wild stock swings - Financial Times
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- Pentwater will pay Avis Budget Group $650 million in a settlement tied to wild swings in the stock, with the Bloomberg headline identifying the hedge fund as Pentwater and the trigger as a short squeeze.
- CAR stock was up roughly 2% in premarket trading following the settlement announcement, per the Stocktwits headline.
Why it matters: A $650 million payout to Avis from a single hedge fund over short-squeeze trading is a sizeable recovery and reframes the 2022 CAR squeeze as a legal-financial event with a named defendant, not just a viral stock move.
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