Ferrari Shares Turbocharged by Soros Stake Announcement Harold Cunningham, Getty Images

Ferrari Shares Turbo-charged by Soros Stake Announcement

Soros said his fund owned 850,000 Ferrari shares at the end of last year, representing 0.45% in the car maker and worth $40.8 million.

MILAN - Ferrari shares received a massive boost on the Milan stock exchange on Feb. 17 after financier George Soros said he had acquired a stake in the luxury car maker.

Ferrari shares closed 10.4% higher at 34.45 euros.

In a statement filed with U.S. Securities and Exchange Commission, Soros said his fund owned 850,000 Ferrari shares at the end of last year, representing 0.45% in the car maker and worth $40.8 million.

Legendary carmaker Ferrari completed its spinoff from Fiat Chrysler Automobiles with a debut on the Milan stock exchange in January, at 43 euros per share.

Investors have since dumped its shares after being spooked by its debt and disappointed with the 2016 outlook.

On Wall Street, where Ferrari has been listed since October, its shares finished up 9.7% at $39.10.

Copyright Agence France-Presse, 2016

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