And we have exclusive photos.
If you’ve been following the stock market news as well as CarBuzz, then you’ll know that, starting yesterday, Ferrari shares began listing on the New York Stock Exchange. Under the apt ticker RACE (that couldn’t be more perfect), shares went for $52 a pop. By the end of the day, those shares were trading at $55. Ferrari now has a market value of $10.4 billion. Earlier in the day, RACE shares shot as high as $60.50 a piece, but the closing value was still very respectable.
Time will tell if those shares will continue to gain strength or if RACE is only a temporary height (we doubt it). Who’s benefitting the most from all of this? Mainly Fiat Chrysler Automobiles (FCA). The automaker is in need of cash to expand its Alfa Romeo, Maserati, and Jeep brands. However, FCA has only spun off 10% of Ferrari for now, meaning it could do more in the future if even more cash is required. For those of you who weren’t present at the NYSE yesterday, photographer Thomas Giordonello was there, and has kindly allowed us to share his images with everyone. Ferrari definitely had quite the Wall Street party going on. Can’t blame them. Photos courtesy of Thomas Giordonello