The 70-year-old Piero Ferrari has 10 percent stake in the company, while the Agnellis’ – through their holding company Exor SpA – will have a 23 percent stake once Fiat Chrysler Automobiles spins off its 80 percent stake in 2016.
The IPO of Ferrari, which trades under the ticker symbol RACE, made Piero a billionaire overnight, earning him $1.1 billion (the value of his stake as of Oct 21). He contends the “fortune was always there” as the heir never intended to sell his stake in the company, of which he is still vice chairman.
Piero is the son of Enzo’s mistress, and was not acknowledged as a member of the family until 1978, when Enzo’s wife passed away (divorce was illegal in Italy until 1975). Some time in the 1970s he began working for the family business and became vice chairman in 1988, the year of Enzo’s death.
Ferrari is currently has a market value of $11 billion.