P1racenews AI automatic summary:
Ferrari market cap surges $7 billion amid Hamilton F1 bombshell
As reported earlier by Motorsport.com, it is expected that Lewis Hamilton will be announced as a Ferrari driver starting in 2025, after making a surprising switch from Mercedes. The official announcement of his departure and pairing with Charles Leclerc at Ferrari could be made as early as Thursday night. Mercedes staff were reportedly informed of this development in a meeting hosted by team boss Toto Wolff and technical director James Allison. With Hamilton’s departure, Mercedes will need to consider long-term options for his replacement, although drivers like Lando Norris and Charles Leclerc are already under contract elsewhere. While neither Ferrari nor Mercedes have made an official comment, Hamilton’s decision has had a significant impact on Ferrari’s company value, which has soared on the New York Stock Exchange. With positive revenue and earnings projections, Ferrari’s share price has seen a substantial increase, giving the company an estimated market capitalisation of $69.12 billion. Hamilton’s decision to activate an exit clause in his contract has paved the way for his move to Ferrari in 2025, replacing Carlos Sainz, whose contract expires this year.
