Short answers, pulled from the story.
The first world championship race took place on the 13th of May 1950 at Silverstone Circuit. This event marked the official start of the Formula One World Championship after the concept had been brewing since the 1920s.
Giuseppe Farina won the first Drivers World Championship in 1950 while competing for Alfa Romeo. He narrowly defeated his teammate Juan Manuel Fangio in the inaugural season.
Michael Schumacher and Lewis Hamilton hold the record for the most World Championships with seven titles each. Schumacher previously held the record alone until Hamilton matched his total.
Jack Brabham won the 1959 World Championship driving a mid-engined car, proving the design superior to front-engined cars. By 1961, all teams had switched to mid-engined cars, making the Ferguson P99 the last front-engined car to enter a world championship race.
The budget cap for car development stands at 135 million dollars as of 2024. This limit was part of a new Concorde Agreement signed in August 2020 to support equal competition and sustainable development.