Lewis Hamilton’s shock move to Ferrari on Thursday saw the Scuderia’s share price skyrocket more than 10 per cent – equating to just under $7billion (£5.48bn) – on Thursday.

Mercedes confirmed late on Thursday that seven-time world champion Hamilton – who has won six of his seven titles with the Silver Arrows – has exercised a break clause in his new two-year contract.

It means Hamilton will replace Carlos Sainz at Ferrari in 2025, with the Spaniard now looking for a new team for next year as Hamilton will partner Charles Leclerc.

• Follow LIVE: F1 star explains Ferrari move for 2025 and latest reaction from Toto Wolff

But if there were any doubts about how beneficial Hamilton’s move would be from a financial perspective, they were immediately squashed as Ferrari’s company value soared on the New York Stock Exchange.

Their share price hit a high of $384.00 on Thursday, giving the Scuderia an estimated market capitalisation of $69.12bn, an increase of just under $7bn from close of trading on Wednesday.

This increase won’t solely be down to Hamilton’s move – selling higher-priced cars, good sales in the United States and China, and a rise in personalised features will have also contributed – but it will no doubt have had a big impact.

Hamilton, who will be on a salary around £40m-a-year, is one of the most marketable sportsmen in the world and worked closely as an ambassador with Mercedes’ car brands and major sponsors.

According to the Sunday Times Rich List, the 39-year-old has a net worth of £300m.

Hamilton signed a new contract with Mercedes last summer, seemingly keen to extend his partnership with the Silver Arrows long-term.

However, 2024 will be his 12^th and final season under Toto Wolff’s leadership as he looks to finish his Mercedes career on a high alongside George Russell.

The first race of the season is in Bahrain on 29 February – 2 March.