Bill Ackman just made a classic Ackman move: loud, contrarian, and almost certainly designed in part to haunt Carl Icahn’s dreams.
On Wednesday, shares of Hertz soared 56% after a regulatory filing revealed that Pershing Square had built a 4.1% stake in the troubled rental car company by the end of 2024. That position has since ballooned to 19.8%, according to someone who talked to CNBC’s Scott Wapner. Thanks to a little SEC paperwork magic (it’s nice to have friends in DC these days), Pershing was able to delay the filing and quietly gobble up nearly one-fifth of the company.
Why Hertz? Well, it’s a mess. After crashing into bankruptcy in 2020 and resurfacing with a heavy bet on Teslas, Hertz has racked up $2.9 billion in losses in 2024 alone, including $245 million just from offloading those EVs. Investors have mostly written it off. Ackman, of course, sees a comeback.
And here’s the delicious part: Carl Icahn, Ackman’s longtime nemesis and the original Hertz bagholder, famously dumped 55 million shares at 72 cents in 2020 after the company filed for bankruptcy. That loss stung.
Now Ackman has his shot to do what Icahn could not by turning Hertz into a win. It’s part turnaround play, part revenge tour, and all very Bill Ackman. If this works, expect him to bring it up every time someone says “Herbalife.”
Santander Usurps UBS at Europe’s Banking Top Table
Santander’s boring-is-beautiful model is winning out in a world that’s punishing overreach.
THE GIST
Santander just leapfrogged UBS to become continental Europe’s most valuable bank. One Spanish juggernaut, a weakening Swiss rival, and a little help from Trump’s trade war made it happen.
WHAT HAPPENED
Santander’s market capitalization edged past UBS this week, hitting €91.3 billion ($97.8 billion) compared to UBS’s €85.7 billion ($91.9 billion). Just a few months ago, UBS was soaring post-Credit Suisse acquisition, briefly brushing €120 billion ($128.5 billion). Since Trump’s April 2 tariff barrage, UBS shares have fallen nearly 15%, dragged down by its heavy U.S. exposure and fresh regulatory heat at home.
Santander, by contrast, is down only 5% and still riding a 30%-plus year-to-date rally. The Spanish lender, led by Ana Botin, has spent the last year rewarding investors with strong profits, a €10 billion ($10.7 billion) buyback plan, and a playbook focused on avoiding unforced errors.
While UBS battles calls to increase its capital reserves by up to 50% and watches the Swiss franc surge against the U.S. dollar, Santander has kept it simple: scale up, buy back shares, and sidestep geopolitical landmines. So far, that strategy is paying off.
WHY IT MATTERS
This sector shake-up highlights a broader truth: in 2025, geopolitics is hitting harder than spreadsheets.
UBS, once the post-merger heavyweight of European banking, is discovering that global reach isn’t always a strength. A third of UBS’s revenue comes from the U.S., a market now weighed down by economic slowdown and protectionist policies. Tariffs are making life harder for American clients and particularly the wealthy ones, who drive UBS’s flagship wealth management business and now face higher costs on imports like wine, luxury cars, and watches.
Meanwhile, the Swiss government is tightening the screws. Proposed capital rules could force UBS to increase its capital buffer by as much as 50%. That would weigh on returns and signal to markets that even Switzerland’s biggest bank isn’t immune to domestic pushback. UBS Chair Colm Kelleher has criticized the proposals, but public battles with regulators rarely inspire confidence.
Across the border, Santander is enjoying a well-timed glow-up. After years of being stuck in the “cheap but boring” corner of European banking, the company has leaned into its strengths. Botin has expanded Santander’s U.S. auto lending footprint without overcommitting to one geography, while boosting digital banking operations in key markets.
Santander’s relatively modest U.S. exposure meant it absorbed less damage from Trump’s tariff wave. A healthy capital cushion, built up through disciplined pre-financing, has also helped protect it from recent volatility.
Symbolically, this feels like a passing of the torch. UBS went bold by buying Credit Suisse and scaling big. Santander played it cautiously and patiently. Right now, markets are rewarding brains over brawn.
WHAT’S NEXT
UBS is far from out of the fight, but headwinds are gathering. A stronger franc is hurting exports, and any slip in global growth could crimp both lending and wealth management. Some analysts believe the Swiss National Bank may need to cut interest rates again to soften the blow.
The U.S. is another risk zone. UBS still carries regulatory baggage from its Credit Suisse acquisition, and the current environment in Washington is unlikely to go easy on a Swiss megabank with legacy compliance issues.
Santander, for its part, now has to defend the crown. With earnings season looming, Botin’s bullish 2025 targets are under the microscope. The €10 billion ($10.7 billion) share buyback, continued digital expansion, and possible sale of the bank’s Polish unit are all potential catalysts—or stumbling blocks.
Competition is heating up at home, too. Spanish rivals like BBVA and CaixaBank are looking to pick off clients in the wake of recent domestic banking consolidation.
Santander may be on top today, but it sits atop a shifting mountain. In a world where trade policy moves faster than central banks and regulation can redraw the financial map overnight, this European banking drama still has plenty of episodes to go.
For now, Santander wears the crown. But no one stays on top forever.
Lyft’s European Honeymoon with FreeNow Could be Uber's Worst Nightmare
As Uber fumbles with AV delays and falling P/E, Lyft waltzes into Europe on FreeNow’s polished coattails with a $200 million acquisition.
THE GIST
Lyft, Uber’s long-time rival in the ride-hailing wars, just made its boldest move yet: entering the European market with a $200 million acquisition. On the back of a strong year, the perpetual underdog is now expanding its turf, right into Uber’s backyard.
WHAT HAPPENED
Lyft has agreed to acquire FreeNow, a major European ride and mobility platform previously owned by BMW and Mercedes-Benz, for about $200 million. FreeNow operates in more than 150 cities across nine countries, including heavyweights like London, Paris, Barcelona, Milan, and Frankfurt. The deal is expected to close in the second half of 2025.
This marks Lyft’s first major move outside North America. Some might say it’s late to the party (Uber entered Europe all the way back in 2011), but others might argue Lyft skipped the messy part. Uber spent years battling protests, legal fights, and regulatory chaos (Google “Uber, Paris, Courtney Love” if you don’t believe us) while Lyft gets to enter a more mature and accepting market, where rideshare services are now part of everyday life. Plus, FreeNow won’t be rebranded overnight. It will continue to operate under its own name for now, with Lyft gradually integrating its technology and features behind the scenes.
The acquisition is a serious shot across the bow for Uber, which has had a relatively strong 2024 and 2025 (so far). FreeNow gives Lyft a built-in user base, local credibility, and a wide transportation offering, including taxis, luxury cars, scooters, and even public transport integration. Around 90% of FreeNow’s €1 billion in gross bookings come from traditional taxis, giving Lyft immediate scale without starting from scratch.
The deal also dramatically expands Lyft’s market opportunity, doubling its addressable trips from 161 billion to over 300 billion annually. That’s a big leap in both bookings and potential revenue.
WHY IT MATTERS
This deal could be a turning point for Lyft, and possibly a real headache for Uber.
While Uber is still the global leader, it is showing signs of pressure. In Q1 2025, the company fell short of analyst expectations for both bookings and earnings. The shortfall was largely attributed to broader economic concerns and internal issues such as driver retention and slower-than-expected progress on autonomous vehicles.
Uber still posted strong annual numbers, closing 2024 with $44.2 billion in gross bookings and $1.84 billion in adjusted EBITDA. Revenue reached $37.3 billion, with GAAP profitability at $1.21 billion. However, much of that profitability relied on a $6.4 billion tax valuation release and gains from investments, not from operational growth alone.
Lyft is approaching growth from another angle. The FreeNow acquisition allows the company to offer a wide range of mobility services immediately, all backed by its own technology platform. The deal also allows Lyft to enter the European market with existing local relationships and infrastructure, rather than starting from scratch.
There is also an important reputational component. European consumers tend to be loyal to local or well-established apps. Lyft will need to balance its arrival as a major American company with sensitivity to local preferences. Price competitiveness and service quality will be essential.
FreeNow’s current model does much of the heavy lifting. The platform already offers users multiple transit options and has long-standing partnerships with city governments and taxi networks. Lyft will simply need to enhance the experience without disrupting what already works.
The timing is notable as well. Uber’s stock recently took a hit, with its price-to-earnings ratio dropping from above 100 in 2024 to under 16 in April 2025. That shift reflects investor anxiety about the pace of autonomous technology development and broader market conditions. Against this backdrop, Lyft’s well-timed expansion may look like an opportunistic strike.
WHAT HAPPENED
Lyft has work to do. FreeNow gives it access, but not a guaranteed win. European ride-hailing markets are competitive, with strong regional players like Bolt, Cabify, and Yandex Taxi already established. Consumer loyalty, price sensitivity, and regulation all vary widely from city to city.
The key will be how well Lyft integrates its technology and improves FreeNow’s service without alienating its user base. That includes improving the app experience, offering faster service, and supporting local drivers and their needs. Marketing will also be critical as winning over new customers without making enemies of regulators or local governments.
If Lyft pulls this off, it won’t just be a bigger company. It might finally be a truly global one. And for Uber, the era of unchecked dominance may finally be over.
Asia is Lining Up to Buy American Fuel, Hoping for a Handshake
Brent is a buyer’s market, but as trade turbulence looms, U.S. energy wins the day.
THE GIST
India just sweetened the pot with butane. It’s offering to drop the 2.5% import tax on U.S. fuel to woo Washington in ongoing trade talks. The strategy is simple, and the timing is perfect: oil prices are volatile, tariff threats are rising, and India’s trade surplus needs softening. It’s not just Delhi. Across Asia, excluding China, countries are lining up to make similar energy deals with the U.S.
WHAT HAPPENED
India, along with Pakistan, Indonesia, Thailand, and Japan, is actively looking to buy more American fuel. The focus is on liquefied natural gas (LNG), crude oil, and liquefied petroleum gas (LPG). These purchases help reduce trade surpluses with the U.S. and act as a goodwill gesture amid intensifying tariff tensions.
India is proposing to cut its 2.5% import duty on U.S. ethane, propane, and butane. The move is part of a broader effort to strengthen energy security while deepening trade ties with Washington. Despite logistical challenges, India is already the second-largest buyer of American ethane after China, importing about 65,000 barrels per day. With access to Russian crude restricted, India’s energy pivot toward the U.S. is accelerating. U.S. crude exports to India hit a two-year high in February, and total energy imports from the U.S. could soon reach $25 billion.
Other Asian nations are jumping on the opportunity. Indonesia plans to buy $10 billion worth of U.S. crude and LPG. Pakistan has just placed its first-ever order for American crude, valued at $1 billion. Thailand has committed to importing 1 million tons of LNG and 400,000 tons of ethane over the next five years. South Korea, Taiwan, Vietnam, and Japan are preparing to follow suit.
These countries are looking to reduce their reliance on traditional suppliers like Russia and the Middle East. At the same time, they are extending a political olive branch to Washington during a moment of heightened global trade tension.
WHY IT MATTERS
Oil prices have been volatile. Brent and WTI hit their lowest levels in four years earlier this month, only to rebound after Trump announced fresh sanctions on Iranian oil.
U.S. inventories are climbing. The Energy Information Administration reported a 515,000-barrel build in crude stockpiles for the week ending April 11, bringing total inventory to 442.9 million barrels. Meanwhile, OPEC+ plans to increase production by 411,000 barrels per day in May.
Saudi Arabia is also cutting crude prices for Asian buyers in May, giving up around $14 million in daily profits to defend its market share. But none of these moves carry the political value that comes with buying American. For many Asian countries, this is not just about economics. It is about diplomatic positioning.
India is aiming to grow bilateral trade with the U.S. from $191 billion to $500 billion by 2030. That plan must account for a $45.7 billion trade surplus currently in India’s favor. Buying American fuel, especially with reduced or eliminated tariffs, is an easy way to help rebalance trade without making structural sacrifices elsewhere.
This is also a win for Washington. Crude oil, LNG, LPG, and ethane are abundant U.S. exports. Selling more of them improves the U.S. trade balance without triggering domestic political resistance or relying on higher tariffs. For Asian economies that already depend on imported energy, locking in American supply is a practical and strategic choice.
WHAT’S NEXT
The real losers in this shift are the traditional suppliers to Asia. That includes the Middle East, Iran, Russia, and other OPEC+ countries.
The Asia Pacific region consumes more than 36 million barrels of oil per day. While Middle Eastern and Russian crude remains central to the market, a move toward U.S. energy sources from large importers like India and Japan could reshape global flows.
U.S. oil may not be the cheapest or the closest, but right now it is the most politically convenient. In a world where diplomacy is shaping demand just as much as price, that might be the biggest edge of all.
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