David Rosenthal

Like, this is not how Luca's time at Ferrari should have ended.

So Bernie Eccleston, you know, the F1 impresario, who Luca did very much not always see eye to eye with.

gives a quote to the press when Luca is fired that sums it up better than I can.

Bernie says, Luca leaving is for me the same as Mr. Enzo dying.

He has become Ferrari.

You see him, Luca.

You see Ferrari.

You don't see anything else.

You don't see Luca.

The context that you need to know for this quote that makes it even more impactful is if you listen to our F1 episode, you know that there was the FODA breakaway attempt of the group of teams that just a few years before this had tried to bust Bernie's hold on F1 and break away and start a rival Formula Racing league.

That was led by Luca.

Oh, wow.

Luca was like Bernie's arch adversary just a few years earlier.

And here's Bernie paying tribute to him like this.

Yeah.

Huh.

So with Luca gone, the path is cleared to IPO Ferrari.

And in 2015, Fiat and Sergio float, as you said, Ben, 10% of their 90% ownership stake in Ferrari on the New York Stock Exchange for an initial total market cap of Ferrari of $9.8 billion.

which raises just under a billion dollars in cash that Fiat uses to pay down the debt.

Right.