Luca di Montezemolo

If you do the lira to US dollar exchange rate in 1969, they ended up selling half the company for a little under $3.5 million, valuing all of Ferrari at $6.8 million.

Wow.

Oh, my goodness.

Enzo really wanted to do this deal.

And I think he determined at this point in history, I've not seen this written anywhere, but I'm reading into this, you know, even Ford thought it was worth somewhere between 10 and 18 million earlier in the decade.

Enzo basically had one bidder.

And he thought, I have no exit path other than this.

This needs to land with Fiat and whatever the price is, it is.

And so I think Fiat basically got a steal on this because it needed to stay in Italy and it needed to go to a strong, thriving car company.

The state of Ferrari is kind of grim at this point, too.

The factory needed investment.

The racing program was unbelievably expensive.

They're starting to face very real competition from Lamborghini.

They were founded in 1963 specifically to challenge Ferrari, at least Lamborghini Motors, which we'll come back to.

And there was manufacturing headaches happening because of Italian labor unrest.

And so asking someone to take on Ferrari's operations was a tall order in addition to needing to sell.

With a break in between.

Yes.

A year ago, nobody was talking about AI agents.

And now, if you are a large enterprise, you probably have AI everywhere.