I was there when Hertz became memefied. Memefication always starts with atleast some good research. There was three schools of thoughts with the Hertz saga- 1

I was there when Hertz became memefied. Memefication always starts with atleast some good research. There was three schools of thoughts with the Hertz saga- 1. Bankrupt companies are required to buyback their shares from the market. If they force the share price to go up the company is required to buyback the stock from the market regardless of the price. 2. People expected that Hertz would get a lifeline from a hedge fund. 3. Hertz car inventory still had value. If you look at used car prices you can see this sentiment was true. They thought Hertz had plenty of good assets that was just affected by the pandemic but after the pandemic prices would go up. So essentially, it was backed by some logic but when it comes to finance logic validity of that is subjective.