How did Ferrari's chairman become a billionaire? All about John Elkann's journey

John Elkann, the executive chairman of Ferrari, is one of the most powerful industrialists in the world. Born into the wealthy business family of Agnelli, the 48-year-old had the privilege of owning stakes in multiple sports clubs, including Juventus FC.

Elkann, born in New York in 1976, was inducted into the board of Fiat in 1997, an automobile company started by his family, even before he graduated from the Polytechnic University of Turin, Italy. Coming from an influential family, he traveled through multiple countries, including the UK and France, while growing up, exploring different cultures and their business potential.

Moreover, after graduation, he did several internships where he learned about the automobile industry in depth. As the official heir of the Agnelli family, Elkann was appointed as the chief executive officer of Exor, a company that holds majority stakes (22.9%) in Scuderia Ferrari.

He then became the executive chairman of the motorsports team and oversaw the operation of the company's F1 operations regularly. Besides the Prancing Horse, the industrialist also owns stakes in the Serie A side Juventus.

Under his leadership, Fiat acquired Chrysler in 2009, followed by a merger of Fiat Chrysler and Peugeot in 2021. The 48-year-old's latest achievement was getting inducted into the board of directors of META. According to Forbes, John Elkann's net worth as of 2022 was $2.5 billion.

He played a key role in striking a deal with Lewis Hamilton. The seven-time world champion had already signed a two-year extension contract with Mercedes in 2023. However, during the off-season, John Elkann and co. approached the Brit with a lucrative offer that he could not resist. Eventually, Hamilton ended up signing a historic multi-year deal with the Italian outfit.

As the Maranello-based team enters a new phase in 2025, John Elkann is expected to work closely with Hamilton and others. His faith in team principal Fred Vasseur will likely yield results as Hamilton and Leclerc will form a formidable pair.

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John Elkann reacts to Lewis Hamilton's move to Ferrari

Lewis Hamilton with Ferrari chairman, John Elkann (Image Source: Getty)

After Lewis Hamilton announced a shocking move to Ferrari, John Elkann reaffirmed that he is not coming to Italy for retirement. Instead, he wants to aim for the record-breaking eighth world championship. Speaking to Corriere dello Sport, he said:

“He doesn’t come to Ferrari to enjoy his retirement. It’s important to have motivated people around who want to win. He wants to win the eighth title; Ferrari wants to win, and with Lewis, they are stronger."

Hamilton won seven world championships in his illustrious career, out of which six came with Mercedes. He was close to winning his eighth title in 2021 until the controversial results of the Abu Dhabi Grand Prix resulted in a massive fallout. Max Verstappen beat the Brit to win his maiden title.