Who Owns Ferrari: The Largest Shareholders Overview

Article Teaser: Who Owns Ferrari: The Largest Shareholders Overview

Ferrari N.V. (RACE) is a Dutch holding company that owns Ferrari S.p.A, an iconic company that makes money predominantly from manufacturing and selling its luxury cars. Let’s now look at who owns Ferrari and controls it.

The largest shareholder of Ferrari N.V. is Exor, which owns a 24% share. Exor is controlled by the Agnelli family. The second largest shareholder is Piero Ferrari, who owns a 10% share. Thanks to special “voting shares,” Exor and Piero Ferrari together hold 51% of voting power and control Ferrari.

 Ferrari's Largest Shareholders (Dec 2021)
Shareholder Ownership Voting Power
Exor 24.2% 36.0%
Piero Ferrari 10.3% 15.3%
BlackRock 5.8% 4.3%
Other 59.7% 44.4%
Listed are shareholders holding >5% of any share class or notable in other ways
   Source: Multiple SEC filings

Ferrari largest shareholders by share ownership and vote control (donut chart) Ferrari largest shareholders by share ownership and vote control (donut chart)

The top shareholder of Ferrari is Exor N.V., with 24% ownership. Exor N.V. is a holding company controlled by the Agnelli family, descendants of Giovanni Agnelli, founder of Fiat.

  • They control Exor N.V. through Giovanni Angelli B.V., which owns 52% of Exor and holds 85% of its voting rights.

The second largest shareholder of Ferrari is Piero Ferrari, son of Ferrari founder Enzo Ferrari. Piero owns a 10% stake in the company.

Exor N.V. (controlled by the Agnelli family) and Piero Ferrari are not just independent shareholders minding their own business. They signed a shareholder agreement and are coordinating their positions before the shareholder meeting.

Exor N.V. and Piero Ferrari also agreed that if any of them wants to sell their stake in the future, Exor will have the right to buy it if they match the third-party offer, and Piero Ferrari has the right to the first offer.

Next to holding regular common shares of Ferrari, Exor and Piero Ferrari also hold special voting shares that give them control over Ferrari.

A sizable stake in Ferrari is also asset manager BlackRock, which owns 10% of the company.

Ferrari was founded in 1939 by Enzo Ferrari, the father of Piero Ferrari.

Ferrari N.V. is a Dutch registered holding company that is traded in New York (ticker: RACE) and Milan and owns 100% of Ferrari S.p.A., which makes and sells famous Ferrari cars and holds stakes in other subsidiaries. Ferrari S.p.A has headquarters in Maranello, Italy.

Ferrari was previously owned by Fiat but was spun off from Fiat Chrysler Automobiles in 2015.

In this article, I will dive more into who Ferrari’s largest shareholders are, how many shares and votes they have, and how much their stake is worth. I will also explore some other topics related to its ownership structure.

If you are interested, you can also explore who owns other companies like Tesla, Volkswagen, Alphabet(Google), or Xiaomi.

🕹️ Who Owns Ferrari (RACE) and Who Has Control?

Ferrari largest shareholders share ownership vs vote control chart

The largest Ferrari shareholder Exor N.V. owns 24% and is controlled by the Agnelli family. The head of the family seems to be John Elkann, who was a heir of Giovanni Agnelli, his grandfather. Additional to ownership of regular common stocks, Exor also owns special voting shares that give them outsized voting power of 36%

The second largest shareholder of Ferrari is Piero Ferrari, who holds 10% of the shares. However, thanks to ownership of special voting shares, he holds 15% of the votes.

Together, Exor N.V., and Piero Ferrari, own 34% of Ferrari. And because both Piero and Exor own special voting shares, they together control Ferrari with 51% voting power.

Ferrari N.V has two types of outstanding shares:

  • Common Shares: These are regular shares traded in New York and Milan and have one vote per share.
  • Special Voting Shares: These shares can be held only by the shareholders that held Ferrari N.V. common shares for at least three years. They have negligible economic rights but give its holder an extra vote per share.

Currently, special voting shares are held only by Exor N.V. and Piero Ferrari, giving them double the votes they would otherwise have. Therefore they together control the company.

Also, Piero Ferrari and Exor N.V has signed a shareholder agreement and are consulting their positions before shareholder meetings. They also have agreements that if Piero decides to sell, Exor N.V. has the right to match the offer, and if Exor decides to sell its stake, Piero Ferrari has the right to make the first offer.

To sum up, Exor and Piero Ferrari, when acting together, are in charge, except on matters where two-thirds of shareholder votes are needed.

What could shake up their tight control of Ferrari is if another shareholder, for example, BlackRock, holds its shares for more than three years and asks the company to assign them special voting shares too. If that happens, Exor and Piero Ferrari will have less than 50% of the votes, which would probably force them to buy more shares on the market to get the company back under their control.

John Elkann, as head of the Agnelli family and CEO and chairman of Exor N.V., represents the interests of Exor on Ferrari’s board of directors as chairman. Piero Ferrari is also a member of Ferrari’s board. Company CEO is Benedetto Vitna.

🗳️ Breakdown of Ferrari’s Outstanding Shares and Votes by Top Shareholders

Ferrari N.V. had a total of 184 million outstanding shares as of December 2021. The following table shows how many shares each Ferrari’s large shareholder holds.

 Ferrari's Outstanding Shares by Shareholder
In millions of shares as of December 2021
Shareholder Class A Total % Share
Exor 44 44 24.2%
Piero Ferrari 19 19 10.3%
BlackRock 11 11 5.8%
Other 110 110 59.7%
Total (# millions) 184 184 100.0%
Listed are shareholders holding >5% of any share class or notable in other ways
   Source: Multiple SEC filings

There were 247 million votes distributed among shareholders of Ferrari N.V.. The table below shows the total number of votes for each large shareholder.

 Ferrari's Vote Control by Shareholder
In millions of votes as of December 2021
Shareholder Class A Class B Total % Share
Exor 44 44 89 36.0%
Piero Ferrari 19 19 38 15.3%
BlackRock 11 - 11 4.3%
Other 110 0 110 44.4%
Total (# millions) 184 63 247 100.0%
Listed are shareholders holding >5% of any share class or notable in other ways
   Source: Multiple SEC filings

💵 Breakdown of Ferrari’s Market Value by Shareholder

The following table summarizes how much is each shareholder’s stake in Ferrari N.V. worth.

However, keep in mind that a stake in Ferrari could be just one part of their portfolio, and their total worth could be bigger, thanks to other investments. It could also be lower if they have debts.

 Ferrari's Market Value by Shareholder
Market value in billions $ as of December 2021
Shareholder Class A Total % Share
Exor $12 $12 24.2%
Piero Ferrari $5 $5 10.3%
BlackRock $3 $3 5.8%
Other $28 $28 59.7%
Total ($ billions) $48 $48 100.0%
Listed are shareholders holding >5% of any share class or notable in other ways
   Source: Multiple SEC filings

Let’s now look at each Ferrari shareholder individually.

📒 Who Are the Largest Shareholders of Ferrari N.V.

Let’s now go through the list of the largest shareholders of Ferrari N.V. one by one and look at who they are, how many shares they own, what is their voting power, and how much is their stake in Ferrari worth.

#1 Exor

Exor holds 24% of Ferrari’s shares, making it its largest shareholder. However, thanks to special voting shares that Exor owns, its share of total votes is 36%.

Ferrari largest shareholders share ownership vs vote control chart

Exor owns 44 million Ferrari shares, representing 89 million shareholder votes. The market value of Exor’s stake in Ferrari was $12 billion as of December 2021.

Exor N.V is a publicly traded holding company that owns significant stakes in companies like Ferrari, PartnerRE, Stellantis, CNH Industrial, Juventus, Iveco Group, and also The Economist Group. Exor also invested in several smaller startups.

Exor N.V. is controlled by the Agnelli family, who are descendants of Giovanni Agnelli, founder of Fiat. Thir control it through another dutch company Giovanni Agnelli B.V.

This control is evident from the company’s list of directors. Jonh Ellkan, chairman and CEO, is the grandson of Fiat founder Giovanni Agnelli and is his chosen heir. Board of Exor also includes his sister Ginevra Elkann and relatives Andrea Agnelli and Alessandro Nasi.

Exor is controlled by the family through company Giovanni Agnelli B.V. which owns 52% of the company and holds 85% of outstanding voting thanks to special voting shares.

#2 Piero Ferrari

Piero Ferrari holds 10% of Ferrari’s shares which makes him its second-largest shareholder. However, thanks to special voting shares that Piero Ferrari owns, his share of total votes is 15%.

Ferrari largest shareholders share ownership vs vote control chart

Piero Ferrari owns 19 million Ferrari shares, representing 38 million shareholder votes. The market value of Piero Ferrari’s stake in Ferrari was $5 billion as of December 2021.

Piero Lardi Ferrari is the son of Enzo Ferrari, Ferrari’s founder. After Enzo’s death, Piero became a sole heir of a 10% stake in the Ferrari company.

#3 BlackRock

BlackRock holds 6% of Ferrari’s shares which makes it its third-largest shareholder. However, its voting power is only 4% since some of the other shareholders hold super-voting shares that dilute BlackRock’s control of Ferrari.

Ferrari largest shareholders share ownership vs vote control chart

BlackRock owns 11 million Ferrari shares, representing 11 million shareholder votes. The market value of BlackRock’s stake in Ferrari was $3 billion as of December 2021.

BlackRock, Inc. is the world’s largest asset manager, with assets under management of $10 trillion. BlackRock is not only an asset manager, but it also provides other asset managers and corporations with its Aladdin portfolio management software.

BlackRock is a publicly traded company, and its largest shareholders are its competitors, including BlackRock itself. Not directly but through their passive and active funds. The largest shareholder is Vanguard.

A similar situation is also true in the opposite direction because BlackRock is a significant shareholder in many of its publicly traded competitors and other large institutions, making the whole thing even more eyebrow-raising.

This circular ownership between Vanguard, BlackRock, and other large asset managers, amplifies the issue often raised about the power of these large asset managers over public companies since they usually belong to the most significant shareholders.

  • BlackRock and other large asset managers do not invest their own money, but they have significant voting power that, in most cases, is not passed through to the underlying investors. Therefore, BlackRock itself and its representatives have significant sway over decisions in those companies.

  • In the case of Blackrock, this influence is personified in the form of its CEO Larry Fink, who is a powerful figure with close ties in the FED and US government.

  • Adding to these concerns is evidence that BlackRock and other asset managers usually vote in favor of management proposals.

  • Recently, large asset managers started to be more sympathetic to different climate and environmental-related proposals and even supported activists that went against the management’s wishes. BlackRock was particularly aggressive in this change. Another proof of the power these companies have.

❔ Who and When Founded Ferrari?

Ferrari, a luxury sports car manufacturer, was founded in 1939 in Italy by Enzo Ferrari, father of the current second-largest shareholder, Piero Ferrari. The first car was produced in 1940, but the first Ferrari-branded car was not produced until 1947.

Here is a timeline of important events in the company’s history:

  • 1939: Ferrari was founded by Enzo Ferrari
  • 1940: The first car produced (Tipo 815)
  • 1947: The first Ferrari car produced (125 S)
  • 1956: Enzo Ferrari’s firstborn son Alfredo died
  • 1963: Ferrari withdrew from negotiations with Ford to sell his company
  • 1965: Fiat acquired a small stake in Ferrari as it offered more flexibility
  • 1969: Fiat acquired a 50% stake in Ferrari, which brought more money for investments into new models.
  • 1988: Fiat increased its ownership to 90% of Ferrari, and Enzo retained a 10% stake.
  • 1988: Enzo Ferrari passed away at the age of 90
  • 2014: Fiat and Chrysler merged into Fiat Chrysler Automobiles (FCA)
  • 2015: FCA sold 10% of Ferrari through a direct listing on the New York stock exchange, reducing its stake to 80%; Piero Ferrari owned 10%.
  • 2016: Ferrari is spun off from FCA and becomes a separate company. Each FCA shareholder got one Ferrari share for each 10 FCA shares
  • 2021: Benedetto Vigna becomes new CEO of Ferrari

❔ Does Fiat Still Owns Ferrari?

Fiat acquired 90% of Ferrari in the 1960s, and Ferrari has been part of Fiat since that. However, soon after Fiat merged with Chrysler to form Fiat Chrysler Automobiles (FCA), they spun Ferrari into a separate public company in 2016. Ferrari is an independent company now.

Even though Ferrari is a public company, the Agnelli family, descendants of Fiat’s founding father Giovanni Agnelli, still own a significant stake in Ferrari through a company Exor, which they control.

Together Piere Ferrari, son of Ferrari’s founder, the Agnelli family, is controlling the majority of voting power in Ferrari through special voting shares they held, even though Piero Ferrari and Exor own “only” 34% of Ferrari’s capital.

Who Owns Tesla: The Largest Shareholders Overview
Overview of who owns Tesla and who controls it. With a list of the largest shareholders and how much is each of their stake worth.

Who Owns Volkswagen: The Largest Shareholders Overview
Overview of who owns Volkswagen and who controls it. With a list of the largest shareholders and how much is each of their stake worth.

Who Owns Apple: The Largest Shareholders Overview
Visual overview of who owns Apple and who controls it. With a list of the largest shareholders and how much is each of their stake worth.

Who Really Owns Google (Alphabet) and Who Controls It
Overview of who owns Alphabet (Google) and who controls it. With a list of the largest shareholders and how much is each of their stake worth.

Who Owns Xiaomi: The Largest Shareholders Overview
Overview of who owns Xiaomi and who controls it. With a list of the largest shareholders and how much is each of their stake worth.

Other Resources

Disclaimer: Although I use third-party trademarks and logos in this article and its visuals, kamilfranek.com is an independent site, and there is no relationship, sponsorship, or endorsement between this site and the owners of those trademarks.

You can tap into my 15+ years of experience in business analytics by booking an online consultation with me. You can also hire me to help with your smaller business analytics projects. Find out more by clicking the button below. Or you can subscribe to my mailing list so you don't miss any of my new posts going forward.
Subscribe to my mailing list - do not miss any of my new posts

Updated: