Italian family Agnelli sells importance of 3 billion euros in Ferrari

Exor, the investment vehicle of the Clan Agnelli, sold around 7 million ordinary shares in the sports car manufacturer, according to a statement on Thursday.

Exor remains the largest shareholder of Ferrari, with 30 percent of the voting rights. Under the leadership of John Elkann, the vehicle has diversified his investments. Exor also has shares in Philips and Stellantis, among others.

“The transaction allows us to improve our diversification,” says Elkannn. “Our support for Ferrari and our trust in his solid future are unwavering.”

In a separate press release, Ferrari announces up to 10 percent of the shares that the Exor reversed, up to a maximum of 300 million euros.

Ferrari was split off by Fiat almost ten years ago. His market capitalization at the New York stock exchange has been eagerly ignored since the IPO, to around 125 billion dollars.