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2016-02-18 08:06

FINANCIAL BOOST: Ferrari's shares have rocketed after financier George Soros said he had acquired a stake in the luxury car maker. Image: AP / Eric Piermont

Milan, Italy - Ferrari shares received a massive boost on the Milan stock exchange Wednesday (February 17) after financier George Soros said he had acquired a stake in the luxury automaker.

Ferrari shares closed 10.4% higher at 34.45 euros.

Shares on the up

In a statement filed with US Securities and Exchange Commission, Soros said his fund owned 850 000 Ferrari shares at the end of 2015, representing 0.45% in the car maker and worth $40.8 million.

Legendary automaker Ferrari completed its spin-off 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 were up 7.8% around 4.30pm, at $38.43.

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