Hertz CEO Resigns as Company's Big 2021 Tesla Buy Fails to Pay Off

Hertz CEO Stephen Scherr resigns after company's 2021 deal to buy 100,000 Teslas does not pay off
Hertz stock price initially rose 40% on news of Tesla purchase but is now at 20% of 2021 high
Low demand from renters and high EV repair costs forced Hertz to sell 20,000 of the Teslas at low prices
Hertz invested heavily in Teslas when prices were at their peak, now selling amid reduced Tesla resale values
New Hertz CEO Gil West, formerly of Cruise, faces challenges to make rental car company sustainable again