As the world’s Ferrari owners returned from warm, exotic locales last weekend, probably still tipsy from their New Year’s celebrations, there was something different about their cars. The company that created each one of them, that very equine icon of speed and success, became independent on Sunday for the first time in 47 years. Ferrari now stands alone, on its own.
Ferrari’s initial public offering in October was just a warmup for what just happened: The Italian sports-car maker is now completely divested from Fiat-Chrysler, which controlled 90 percent and had owned at least half of the company since 1969. In October, only 10 percent of Ferrari shares went public, and 80 percent have just been redistributed to FCA shareholders (Piero Ferrari, Enzo’s last living son, owns the last 10 percent). As of now, the “RACE” ticker is trading on the New York Stock Exchange at just over $47, down from the $55 IPO price on October 21. FCA stock tumbled by more than one-third, from $14 to $9 per share. If Ferrari’s share prices look disappointing, it’s only because we’re used to tech companies like Tesla trading on illusions and absurd hype. But admittedly, it could be higher.
As of now, Piero Ferrari and Exor (a holding company for the Agnellis and the Nasis, the descendants of Fiat founder Giovanni Agnelli) together hold 33.5 percent of Ferrari shares and 48.8 percent of voting rights, which is slightly below the voting co...