(Bloomberg) -- Hedge Fund SRS Investment Management racked up a gain of almost $5 billion in just a few hours Tuesday as shares of Avis Budget Group Inc. soared in the latest meme stock frenzy.
The firm, led by Karthik Sarma, is the biggest shareholder of the rental car company and has owned its stock for more than a decade. It holds shares and swaps representing a 43% stake in Avis, a regulatory filing shows.
Shares of Parsippany, New Jersey-based Avis doubled to $340 at 12:35 p.m. in New York, and earlier soared as high as $545.11, after the firm said it will play a big role in the increased adoption of electric vehicles.
Read more: Avis Triples in Meme Moment on Plans to Add More Electric Cars
SRS managed $8.65 billion, including leverage, at the end of last year, according to its most recent regulatory filing.
David Zales, general counsel for the New York-based firm, declined to comment.
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