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Friday, March 1, 2024

Ferrari market cap surges $7 billion amid Hamilton F1 bombshell

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As reported earlier by Autosport, Hamilton is ready to be introduced imminently as a Ferrari driver from 2025 after agreeing a shock change from Mercedes.

An official announcement on his departure from the German producer to affix the Maranello squad alongside Charles Leclerc may very well be made as early as Thursday night time.

Autosport understands that Mercedes employees had been knowledgeable of the event in a manufacturing facility assembly at Brackley on Thursday afternoon, which was hosted by boss Toto Wolff and technical director James Allison.

Mercedes will now must ponder what it does in the long run in the case of changing Hamilton, with apparent targets like Lando Norris and Leclerc already contracted elsewhere.

Neither Ferrari nor Mercedes have made an official touch upon the developments surrounding Hamilton, which has despatched shockwaves by way of F1.

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However the wider affect of Hamilton’s choice has been clear to the broader world with Ferrari’s firm worth rocketing because the New York Inventory Alternate opened.

Carlos Sainz, Ferrari SF-23, Lewis Hamilton, Mercedes F1 W14

Photograph by: Zak Mauger / Motorsport Images

Having closed Wednesday’s buying and selling with a share value of $346.78, after the opening on Thursday it rocketed to a excessive of $384.00 quickly after, and is anticipated to go even increased over the course of the day.

This offers Ferrari an estimated market capitalisation of $69.12 billion – which is properly up on the $62.4 billion that it was price at shut of buying and selling on Wednesday.

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The just about $7 billion improve in firm worth is a large vote of confidence in Ferrari’s choice to pursue Hamilton, and marks a excessive level within the Italian sportscar producer’s value on the NYSE.

Ferrari’s present inventory value is properly up on its 12 month low of $252.17

Final yr Hamilton signed a long-term contract with Mercedes that coated the 2024 and 2025 campaigns, but it surely now seems that the second season was solely an choice.

It’s understood that Hamilton has activated an exit clause that can permit him to affix Ferrari in 2025 as substitute for Carlos Sainz , whose present contract involves an finish this yr.

 



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