Hertz Gets Unusual Bailout

Car rental giant Hertz filed for bankruptcy in May due to the coronavirus pandemic.

On Friday, a judge ruled Hertz can sell $1 billion in new stock to raise money.

The Wall Street Journal reports that traders bought Hertz stock since its bankruptcy.

The company's lawyers cited that volatility as a "unique opportunity" to shore up its coffers.

After the Chapter 11 filing on May 22, shares of Hertz skyrocketed.

The stock flew up Robinhood's list of most popular names.