Icahn Investor Group raised its stake in Hertz to 33.8 percent from 15.2 percent as of June 30, according to an SEC filing on Tuesday.
Shares of Hertz Global closed 22.5 percent lower Tuesday after the American car rental company reported quarterly results below expectations and sharply cut its full-year profit outlook for the year. Shares were slightly higher in after-hours trade.
The billionaire investor also added to his holding in Herbalife over the last few days, raising his stake in the company to 24.18 percent from 23.08 percent. Last Thursday, Icahn had raised his stake in the nutritional supplement marketer from 20.8 percent.
Shares of Herbalife were unchanged in after-hours trade. The stock closed 0.3 percent higher Tuesday and is down more than 6.5 percent over the last five trading days.