The intrigue around Lewis Hamilton switching to Ferrari at the end of the 2024 season only increased once fans came to know of the fact that he triggered a release clause in his contract with Mercedes to enforce the move. With official announcements made, Scuderia Ferrari is now experiencing the Hamilton effect, with Internet personality Joe Pompliano detailing the stark rise in their online following numbers via an update on X.
Per Pompliano, the day Ferrari announced Hamilton‘s signing, they gained as many as 232,021 new followers on Instagram, which was around 12k more than their average gains in a month (220,916). As such, the Tifosi army is growing multitudes, and their current following on Instagram stands at a staggering 13.3 million.
Team Statement
Scuderia Ferrari is pleased to announce that Lewis Hamilton will be joining the team in 2025, on a multi-year contract. pic.twitter.com/moEMqUgzXH
— Scuderia Ferrari (@ScuderiaFerrari) February 1, 2024
The official Instagram page of F1 is also enjoying a surge in popularity rankings owing to the stellar move. Once the official announcements came through, they issued a post showcasing Hamilton and Charles Leclerc as Ferrari’s driver lineup for 2025. The post took less than three days to become the page’s top post in the entire last year.
Hamilton’s Ferrari deal extends well beyond the confines of the sport and shall reportedly see him earn north of $440 million during his association with the team. Aside from earning upwards of $87 million (a quarter of which will go to Project 44) through his contract in 2025 alone, there is also an option for him to extend through 2026. Additionally, John Elkann has offered to create a joint investment fund with Exor worth over $272 million, which will see Hamilton act as a Brand Ambassador.
Lewis Hamilton also left a positive impact on Ferrari’s market cap
Social media was not the only aspect related to Ferrari that saw a positive influence as soon as news of Hamilton joining them became official. Their shares on the stock market also soared to an all-time high with a 10% (nearly $7 billion) raise in their value. Given the same, the company’s valuation now stands at a staggering $69.12 billion on the New York Stock Exchange.
Ferrari’s stock is up 10% today on the back of a positive earnings report and news that Lewis Hamilton is leaving Mercedes to join the company’s Formula 1 team.
This news has added $10 billion to Ferrari’s market cap — and the stock is now trading at an all-time high. pic.twitter.com/IT6IQzmMJQ
— Joe Pompliano (@JoePompliano) February 1, 2024
Until two days ago, Ferrari’s market share stood at around $62 billion, further highlighting the sudden growth of the team. Ferrari’s share price currently stands at $379.22, which is over $100 more than its 12-month low of $252.17. As such, Ferrari’s confidence in signing Hamilton is already starting to bring positive results for them away from the tracks.
