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The other new members of Meta's board include John Elkann, who leads European investment firm Exor, and Charlie Songhurst, a former Microsoft executive.

For example, high-end designer brand Christian Louboutin, famous for its red-soled high heels, was valued at $3.2 billion in 2023 by investment firm Exor, and comfort sandal manufacturer Birkenstock had a global revenue of $1.66 billion that fiscal year, according to Statista.

Exor owns around 23% of Ferrari shares, with around 35% of voting rights.

While Philips and most shareholders welcomed Exor's investment, shareholder groups questioned how the stake had been acquired so quickly.

Philips said at the time a bank had acted on behalf of Exor and built much of the stake using a derivatives structure, but it could not comment further.