Wolff Sells Part of Mercedes to Billionaire: New Era in Formula 1

Toto Wolff Sells Part of His Stake in Mercedes to an American Billionaire

Mercedes boss Toto Wolff has sold 15% of his stake in the Formula 1 team to American billionaire George Kurtz. Wolff, who owns a third of Mercedes, will continue to serve as CEO and team principal. He is currently in Las Vegas for this weekend’s race. The 53-year-old Austrian will receive around £230 million ($300 million) with the sale, in a deal that values Mercedes at £4.57 billion ($5.97 billion), a record for an F1 team. Kurtz, the CEO and founder of the cybersecurity company Crowdstrike, which currently sponsors Mercedes, becomes a co-owner of the team through the acquisition of Wolff’s minority stake, raising his stake to 5%. Kurtz also joins the team’s strategic steering committee along with Mercedes group chairman Ola Kallenius and Ineos boss Sir Jim Ratcliffe.

Mercedes boss and team director, Toto Wolff, has sold 15% of his stake.

George’s history is unusual in its breadth: he is a runner, a loyal Mercedes-AMG sports ambassador, and an exceptional entrepreneur.

Toto Wolff

Wolff, who oversaw six of Lewis Hamilton’s seven world championships, said: “George understands both the demands of racing and the realities of building and scaling technology businesses. That combination brings a specific vision that is increasingly relevant to the future of Formula One.” Mercedes won eight consecutive constructors’ world championships between 2014 and 2021. They are currently in second place in the standings with three rounds remaining. George Russell has won two races so far this year.

Winning in racing and cybersecurity requires speed, precision, and innovation. Milliseconds matter. Execution counts. Data wins.

George Kurtz

Kurtz stated: “Technology is reshaping competitive advantage and human capability everywhere, including motorsport. I am excited to help the team accelerate safely.”