Enzo Ferrari, the founder of the legendary Ferrari brand, steered away his son from the much beloved motorsport world and has turned him decades later into a proper billionaire.
The powerful Ferrari legacy is now delivering a massive fortune to the iconic figure’s son, as the world’s most renowned maker of supercars is ready to go through an initial public offering that might value the company at up to $9.8 billion. Piero Ferrari, now 70, will amass around $1.3 billion, mainly derived from the 10 percent stake he still holds in the Italian company – parented by Fiat Chrysler Automobiles NV, reports the Bloomberg Billionaires Index. The automaker has managed time and again to transcend the auto industry tumult over the years and seems once more unaffected by the most recent massive crisis – the diesel emissions cheating scandal rocking German automaker Volkswagen AG. It’s easy to understand why the prancing horse logo goes on unbiased by the surrounding crises – nine of the ten most valuable autos sold at auctions around the world are Ferraris.
Many experts consider the investors have been persuaded to treat the automaker as a luxury-goods maker rather than a manufacturer – setting it among the very few companies that are successful enough to entitle themselves as global luxury brands. Piero’s stake is currently valued at the middle of the $48 to $52 range for a share planned by Ferrari and he also took home 280 million euros ($320 million) in cash while the company was reorganized ahead of the public listing.