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Avis shares erase 600% short squeeze gains as hedge fund rally unwinds

Reported · Written up by our desk · Equity Funds

Shares in Avis Budget Group have surrendered all gains from a 600% short squeeze earlier this year, bringing an end to a volatile episode that inflicted heavy losses on bearish investors and sparked a legal dispute with hedge fund Pentwater Capital Management, according to a report by Bloomberg. The rental car company's shares fell as much as 3.5% to $99.20 on Monday, returning to levels seen before a sharp rally in March that briefly pushed the stock above $700. The squeeze began after Pentwater disclosed an increase in its substantial Avis stake, triggering a buying frenzy as short sellers s

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