Last Updated: February 01, 2024, 23:07 IST
New York, United States of America (USA)
Lewis Hamilton. (Credit: Twitter)
Reports of Lewis Hamilton’s shock switch from Mercedes to Ferrari prompted the company’s valuation to skyrocket.
Seven-time world champion Lewis Hamilton’s surprise switch to Ferrari for the 2025 Formula One season, according to reports, has already affected the valuation of the Italian car manufacturers. Ferrari’s company value rocketed after the New York Stock Exchange (NYSE) opened for trade on Thursday.
Trading closed on Wednesday with a share price of 346.78 USD and in early trade on Thursday it shot up to a high of 384.00 USD with many experts projecting an even steeper climb.
As things stand, Ferrari’s estimated market capitalisation is worth 69.12 billion USD, much more than the 62.4 billion USD – which was at the close of trading on Wednesday – around 7 billion USD increase in company value.
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According to several reports in Britain and Italy, The Italian team want the 39-year-old Briton to partner with their current driver Charles Leclerc.
The BBC reported that Mercedes team staff were called to a meeting with boss Toto Wolff at their UK headquarters on Thursday to be told Hamilton will leave at the end of the 2024 season and head to one of Formula One’s most storied names.
Reports in Italy say the move could be announced officially as early as Thursday evening.
A move to Ferrari would raise eyebrows because Hamilton has signed a two-year contract with his current team Mercedes for the 2024 and 2025 seasons, but that deal reportedly contains a clause allowing him to leave after one season.
Several reports say Hamilton’s agreement with Ferrari was put together hastily as the team was in talks with Spanish driver Carlos Sainz, whose deal runs out at the end of this season, about a contract extension.
Hamilton finished sixth in the drivers’ standings in 2022 and third in 2023.
Ferrari, who have admitted they held discussions with Hamilton in 2019 about joining them in the future, declined to comment on the reports they were negotiating a switch for the 2025 season.
A Ferrari spokesman said: “We do not comment on rumours.”
Mercedes has also not replied to media queries for a comment.
Hamilton, 39, has been with Mercedes since 2013 and won his first title with McLaren in 2008
(With inputs from Agencies)
