As the 80th Venice Film Festival kicked off, ‘Ferrari’ fervor was everywhere! The new Adam Driver film is getting screened at the Film Festival along with other films like David Fincher’s ‘The Killer.’ The film is a biopic of the Ferrari founder, Enzo Ferrari, and the controversial Italian race, the Mille Miglia, which killed nine people. It will also explore the personal and professional life of the founder.
The story of Ferrari is very fascinating. Enzo Ferrari was a race driver himself until the 1930s. He founded the racing division of Ferrari, Scuderia Ferrari. He was working for Scuderia while simultaneously manufacturing cars for Alfa until 1939. After leaving the company, he wanted to create his car models under the name Ferrari. However, it took 18 years for the founder to launch the first car under the name. Like the origin, the ownership of the Ferrari is fascinating, from the private company Fiat to the public holdings.
Related: ‘Ferrari’: Plot, Cast, Trailer, And Release Date Of The Biopic On Enzo Ferrari
Fiat Took Over Majority Of Ferrari’s Share
In the 1960s, the famous rivalry feud emerged with Ford trying to enter the sports car market. The CEO of the company, Henry Ford II, decided to buy a Ferrari. However, Enzo Ferrari had other plans.
While negotiating with Ford, he sold 50% of its share to Fiat in 1969. However, after the death of Enzo Ferrari, Fiat S.p.A. bought 90% of the stakes in the company, which were worth $13.6 million in 1988. The remaining 10% of the stakes were with Piero Ferrari, Enzo’s son.
In Case You Missed: What Does Henry Cavill Spend His Money On?
Majority Of Ferrari Is Now Owned By Public
In 2015, Fiat Chrysler Automobiles decided to separate from Ferrari by announcing the company’s IPO. It decided to sell the 10% stake in Ferrari to investors and debut the IPO on the New York Stock Exchange. It provided $48 and $52 per share for the $9.8 billion value. It decided to sell the rest of the 80% shares to the shareholders.
Fiat stated the reason for selling the stake was “part of a series of transactions to separate Ferrari from FCA.” Today, the people own 67.09% of the company, while the Agnelli family’s Exor owns 22.91% of the company. While the 10% stake is still owned by Pierro Ferrari.
You Might Also Like To Read: Top 20 Most Expensive Things In The World
