Mercedes boss joins billionaire club with F1 team and strategic investments
Apr.6 - Formula 1 has its newest billionaire, according to the authoritative American finance and business magazine Forbes.
Correspondent Matt Craig explained that the rise of Toto Wolff to his new billionaire status is due to Formula 1's surging Netflix-fuelled popularity and his third-share stake in the works Mercedes team.
Austrian Wolff, 51, also has a stake in Aston Martin and a much longer history of making strategic investments through his companies Marchfifteen and Marchsixteen.
"A former racecar driver, he bought into the (Mercedes) Formula 1 team in 2013, long before team values skyrocketed, and led Mercedes to eight straight constructors' championships," Craig explained.
Wolff told London's Times newspaper earlier this year of his one-third Mercedes team purchase in 2013: "It was a bit like my life in venture capitalism and private equity - buy, invest, develop, sell, but always have an exit.
"Then, in 2020, I came to the conclusion that this is what I like to do. I like the sporting side, and I love the business side. And what we learned during covid is that content companies are crisis resilient.
"If you are able to put on a show, and broadcast it, it will entertain people," Wolff added.
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Toto is a very astute business man and a good manager.
We can only admire his talents.
Some may love to hate Toto, however, he gets results for investment.
Agreed but it aint toto pressing the buttons for buy/sell/hold, thats what fund managers are for
As for loving to Hate, its the Man at the top that gets the flak, remember the Merc Lawyer Disaster
Not sure I get what you mean Shropp, all I know and see is that sir Lulu is "even now" calling the shots for mercedes f1 and toto seems quite happy to oblige, suddenly I feel a little concerned for Grs future. 😜
Come mid season , who dyo think will be ahead The King, or The Dame? .Its difficult for Merc knowing when to fire him, with Seb, it was easy for him to say I'm off, Nando and Kimi too, With the Dame we will be subjected to months of yes/no/maybe, milking it for all hes worth , which should be considerably less than this year,As for King G, im confident he knows the games that team mates and managers can play oh something i spotted at the weekend , Angie's replacement , a male merc employee, tucking Lulus braids into his race suit , i mean tucking his hair in, does it get any worse...!
So you haven't heard that Angies making a comeback then. 😁
Yippee, can it really be true?
Blondie knows how and when to make an exit. Good on her. The knight should have listened to her at the end of 2020. Ted Williams had it right, hit a home run and exit on top.