Ferrari is no longer a family-owned company. Enzo Ferrari sold half of the firm he controlled outright to rival Italian carmaker Fiat Group in 1969. The transaction provided Ferrari with much-needed capital. Just before his death in 1988, Enzo Ferrari and his son Piero Ferrari sold even more of the firm, leaving the Ferrari family with only 10% control. The parent company of Ferrari is now known as Fiat Chrysler Automobiles, according to a recent filing with the United States Securities and Exchange Commission. Today, the Ferrari family earns just a small portion of the earnings from Ferrari sales and branded items, which are worth billions of dollars each year.
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