Salvatore Palella: From Sicilian Scooters to Global Ventures

Salvatore Palella, often dubbed “the Italian Elon Musk,” has charted a complex and often controversial path from electric scooter entrepreneur to a global investor with interests spanning football, e-commerce, and grocery delivery. His journey, marked by both ambitious successes and significant setbacks, continues to draw scrutiny regarding his financial dealings and business strategies.

Early Life and Initial Ventures

Born on September 29, 1987 – the same day as Silvio Berlusconi – in Acireale, Sicily, Palella began his entrepreneurial career at 17, working in Dublin before returning to Italy to attend Catholic University in Milan. In 2010, he launched Witamine srl, a company focused on orange juice vending machines and event organization. However, this venture was short-lived.

Controversies and Connections

In 2012, Witamine srl was seized by the Milan Anti-Mafia Prosecutor’s Office as part of an investigation into the Fidanzati mafia clan. Whereas Palella was not under investigation, the company was briefly seized and subsequently liquidated with over half a million in debt. Statements made by Lele Mora, as reported in a 2022 parliamentary question, suggested Palella received assistance from individuals with ties to the Cosa Nostra, specifically Michele Cilla. Cilla admitted to mentoring Palella, and later faced legal issues himself, including an eight-year prison sentence for extortion.

Football and Further Disputes

Palella returned to Sicily in 2013, acquiring Acireale Calcio, a football club. However, within six months, players went unpaid, leading to the club’s default. Interceptions from the “Caronte” investigation by the Catania District Anti-Mafia Directorate revealed anger from Enzo Ercolano, associated with the Ercolano Santapaola mafia clan, over perceived financial disagreements with Palella. Palella denied any wrongdoing and was ultimately considered a victim of potential extortion, though the case was later dismissed.

Helbiz and the Nasdaq Journey

In 2015, Palella founded Helbiz, an electric scooter sharing company based in Delaware. The company expanded to Italy, the United States, Spain, Portugal, and Serbia. In August 2021, Helbiz went public on the Nasdaq through a Special Purpose Acquisition Company (SPAC) merger with Greenvision Acquisition, a Chinese firm. Copernicus, Finbeauty srl, and the Ya II Pn fund contributed $30 million through share purchases. However, the initial enthusiasm waned as 94% of Greenvision investors exercised their right to withdraw, resulting in Helbiz raising only $3 million – insufficient to cover listing costs. The stock price subsequently plummeted, and Nasdaq announced its expulsion from the lists.

Financial Support and Cryptocurrency Venture

Helbiz received €5.5 million in guarantees from Cassa Depositi e Prestiti between November 2020 and March 2021. Prior to the Nasdaq listing, Palella launched HelbizCoin, a cryptocurrency intended for leverage within the Helbiz ecosystem. The venture raised over $38.6 million but ultimately failed, leading to a class action lawsuit alleging a “pump and dump” scheme. The case was initially dismissed but later reopened by the New York Court of Appeals.

Recent Acquisitions and Current Status

Despite Helbiz’s struggles, Palella continued to invest. In February 2024, Palella Holdings acquired Everli, a grocery delivery platform, despite Everli’s reported losses of over €24 million and a negative net worth. Banca Progetto provided financing for the acquisition. Palella also acquired Wash Out, a car care company, in February 2025. Palella also recently acquired La Sicilia, a historic Catania newspaper. Helbiz has been rebranded as Micromobility and is now listed on decentralized, unregulated markets, with a stock price of around a cent per share and a warning label regarding volatility.

Connections and Holdings

Palella’s business network includes connections to individuals with political ties, such as Giulio Profumo, son of former Minister of Education Francesco Profumo, and Matteo Mammì, nephew of former Minister Oscar Mammì. Palella was also present at the stock exchange listing of Claudio Lotito’s football club, alongside Lotito Jr. And Emanuele Floridi.