Ferrari’s struggles in 2025 have reignited the debate over John Elkann’s leadership, with a growing number of people calling for a change in leadership at Maranello. Disappointing Formula 1 results and a sharp decline in the company’s market value have fuelled criticism from investors and public figures alike.
Financial turbulence followed Capital Markets Day. Ferrari’s 2025 Capital Markets Day was intended to showcase the brand’s future ambitions, but it ended up triggering one of the most difficult moments in the company’s recent history. Investors reacted negatively when John Elkann unveiled Ferrari’s 2030 targets. The company’s stock price plummeted by around 14% in a single day, a rare and dramatic decline for such a historically stable luxury brand.
Some analysts have interpreted the decline as a sign of diminishing confidence in Elkann’s strategic direction. Although Ferrari continues to perform strongly in the luxury vehicle market, there are doubts about its ability to sustain growth while expanding into electric mobility. The announcement came amid another challenging Formula 1 season, further exacerbating the frustration of fans and shareholders.
Disappointment on the Formula 1 front
Expectations were high when Ferrari recruited Lewis Hamilton for the 2025 season. However, halfway through the campaign, the Scuderia has yet to secure a single victory. While the SF-25 has shown flashes of competitiveness, it continues to trail behind McLaren and Red Bull, leaving Ferrari’s loyal supporters disillusioned.
In Formula 1, success on the track has always been closely linked to Ferrari’s corporate image. Its reputation as a racing powerhouse underpins its global prestige and, indirectly, its stock market value. The ongoing lack of results has therefore become more than a sporting issue; it has evolved into a symbol of wider concerns about Ferrari’s leadership and strategic direction.
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Criticism has come from political and public figures alike
The criticism of John Elkann has now extended beyond the racing community. Among the most outspoken critics is Carlo Calenda, Italy’s former Minister for Economic Development and current leader of the political party Azione.
Calenda took to social media to voice his concerns, writing on X that ‘after Elkann’s presentation to the financial market, Ferrari lost 13%. I would add that the Maranello company has not yet won a race in the 2025 F1 Championship. Maserati is already dead. Let’s avoid yet another disaster. Elkann objectively does not have the management skills to remain at the top”
Calenda’s remarks struck a chord with those who view Elkann’s leadership as too cautious and disconnected from the company’s competitive spirit. The hashtag #ElkannOUT quickly began circulating among dissatisfied supporters online, reflecting the view that change is necessary to restore Ferrari’s momentum.
It’s a question of direction and identity
At the heart of the debate lies a fundamental question: what should Ferrari represent in the modern era? Under Elkann, the company has pursued technological sophistication and long-term sustainability, but critics argue that this has come at the expense of Ferrari’s core identity as an emotional, passionate racing brand.
While the company remains financially sound, the combination of shareholder anxiety, fan frustration and political pressure has placed Elkann in an increasingly uncomfortable position. Whether the board will respond to the growing discontent remains to be seen, but the call for a change in leadership has never been louder.
As Ferrari navigates this turbulent period, the outcome of the 2025 Formula 1 season could be pivotal. A turnaround on the track could ease tensions and restore confidence, but without visible progress, demands for Elkann’s resignation are likely to intensify. For now, the Prancing Horse faces a moment of reckoning, both in the markets and on the circuit.
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Formula One is on the up and in a big way. Liberty media acquired Formula One Management (FOM) for around $20 a share in 2017. The latest price on the New York stock exchange is a whopping $107.98 representing almost a 550% times return in just nine years.
F1 Teams too are now raking in the cash. McLaren who almost went bust in 2023 are now valued at over $4 billion based on a recent sale of equity early in September 2025 as the Bahraini sovereign wealth fund Mumtalakat and the Abu Dhabi–based investment group CYVN Holdings negotiated to take an extra 30% stake in Mclaren Racing.
Both organisations already held a significant holding in the wider McLaren group which overseas the brand’s automotive and racing activities. CEO Zak Brown confirmed to Bloomberg, “We’re completely done,” signalling that Mumtalakat and CYVN now hold 100 per cent ownership of McLaren Racing. This marks the first time in the F1 team’s history that it is entirely under the control of institutional investors rather than being spread across multiple shareholder groups…READ MORE ON THIS STORY
Alex Stanton is a Formula 1 journalist at TJ13 with a focus on the financial and commercial dynamics that underpin the sport. Alex contributes reporting and analysis on team ownership structures, sponsorship trends, and the evolving business model of Formula 1.
At TJ13, Alex covers topics including manufacturer investment, cost cap implications, and the strategic direction of teams navigating an increasingly complex financial environment. Alex’s work often examines how commercial decisions translate into on-track performance and long-term competitiveness.
With a strong interest in the intersection of sport and business, Alex provides context around Formula 1’s global growth, including media rights, expansion markets, and manufacturer influence.
Alex’s reporting aims to explain the financial realities behind headline stories, helping readers understand how money, governance, and strategy shape the competitive order in Formula 1.
