Everybody Hertz (sometimes)... Rental car icon Hertz filed going into the weekend. The airport staple is sitting on $19B in debt — most of its 700K cars haven't felt a human touch on their steering wheels in months. Hertz was hurting pre-corona, thanks to competition from peers like Avis and ride-hailing services. But near-nonexistent travel demand was the final nail in its deflated tire.
Unicorns falling into a valley... That's the (hilariously) grim picture Softbank (literally) painted in its earnings slideshow. The Japanese tech investment giant posted a record-shattering $18B operating loss for its Vision Fund — nearly $10B of that came from a plunge in the values of its Uber and WeWork investments. Now SoftBank is trying to sell $41B worth of its stock in other companies like T-Mobile to get cash fast.